We are publishing an interview of Mr. Pawas Goyal – Founder & CEO, MyFundBucket.
About the founders
- Pawas Goyal – Director: Mr. Goyal hails from Mumbai. Has business of software development.
- Ritesh Gupta – Director: Mr. Gupta hails from Gwalior. Has business of export and import of precious metals, owns mines, etc
- Vivek Mishra – Director.
- Dr. Mishra hails from Gwalior: Has business of gas agency, hotel, petroleum pump, etc.
Give us a brief background of what founders were doing before starting the venture.
Has business of software development
List all the names of the core team members, along with their skill-sets, specific domain expertise & designated roles. How do you see them evolving over time?
- Rajesh Chandran, Head of Strategic Corporate Partnerships at MyFundBucket.com. Vast and Rich professional experience of 22 Years across sectors like Banking, Finance, Advertising, and Sports Events. Have been an integral part of the growth and success of products/services at various important Corporates like Bank Of America, Citibank, Kotak Mahindra Bank, Credit Sudhaar. Bachelors of Commerce.
- Alok Khare, Head of Finance. Over 12+ years experience in finance and accounting. Worked at Hutch, Vodafone, Infosys, Viztech Technology. Been associated with Cylsys and MFB for over 3 years. M.com, M. A. (English), Certified AR/AP adviser, Six Sigma from Infosys.
- Sneha Tawde, Tech Test Lead. Over 7 years experience at Single Source, Genesys, Fiesta System. Involved in software testing and implementation. Joined MFB in April 2016. BSc (IT) from Mumbai University, diploma in manual and automation testing.
- Harish Yadav, Sales Head. Over 9 years sales experience at HDFC Bank, ICICI Bank, Axis Securities. Has experience in loans, insurance and credit cards and has served more than 1,000 clients. Joined MFB in June 2016 and handles MFB’s online sales operation. M. A. (Defence) from Gorakhpur University
What is the problem you are trying to solve? Can you share with us any insights that led you to believe that this is a big enough problem?
MyFundBucket is an Emerging Leader who has pledged to change the face of services in Financial Solutions Industry with its Digital concept. The problem was that there is still a huge percentage of customers who have a credit requirement, but are not aware of how to go about applying for the same. We want to be the one stop solution for such a customer and fulfill his requirement.
What challenges did you face when you were starting out?
Marketing / Brand Awareness.
How did you get the initial capital? What returns does it have? Tell us about the investors (if any)
Seed fund through friends and associates.
Please tell us about the Product / Solution. Explain how you went about the Product-Market Fit Process.
Hailing from Mumbai, MyFundBucket is a leading Service Provider of Home loans, personal loans, education loans, credit cards and more. The company serves as a platform that connects people looking for suitable loans/Credit cards/ and offers with Banks and Financial Institutes and promises loans at best interest rates.
What were your assumptions when you entered the market, learning that you have?
Market is big then expected. Sourcing of customers would be easy.
What is the insight that you have about this market, which no one else has? Uniqueness about your Startup.
- Digital services
- Document E-Locker
- Document e-sign
- A team of expert IT Professional
- Advisory Services
What is the strength of the startup and the scale of operations? Who do You Perceive as Your Competition?
The strength of the startup is the IT background of its parent company which is helpful when creating a robust digital platform and of course the employees of the organization who have played a major role in the Company’s growth.
The Scale of operations are being periodically ramped up. We started with the Mumbai office, expanded to M.P and now have operations in Noida. Looking at starting operations next in Pune and Bangalore.
As far as competition goes, we are competition to ourselves. We always try to shatter our own previously set benchmarks. As far as market competition is concerned, there are big players who have been in the business for many years.
But we with the vision which we have and the pace at which we are growing, we should be a name to reckon with very soon in the Digital lending space.
What is the revenue model? What is the logic behind it? What is the model you are following – Free / Freemium / Premium etc. ? Explain your thought process.
The revenue model which we work on is the conversion model where we receive payout from the Banks and Financial institutes with whom we have Tie-ups and to whom we refer loan and credit card cases. We are paid for a fixed percentage of the disbursed loan amount or fixed rate for credit cards issued.
Who are the consumers that you are targeting? How is this going to affect them?
Our targeted audience is:
Age -25 to 45 Years
Salary – 15K to any
Profile : Salaried
How did you get your first customer?
Our first customer was a gentleman who called on our Toll free number from a Tier 2 city seeking a personal loan. We were able to advise him about the best personal loan offer for his particular income and credit score profile and was able to refer his case to a particular Bank and get the loan disbursed by that particular Bank within 48 hours.
What is the big picture of your startup? Is this Product leading to something bigger? If so, how?
The big picture is we see ourselves as an NBFC in the coming future, disbursing loans through our own books and aspiring to fulfill any credit requirements of each individual to the best of our capacity.
Since inception, give us a sense of the value of business done by your venture?
Value of business – 25 Cr
Number of Visitors -21 Lacks
Person Registered -123,000
Loans – Over Rs.100 Cr disbursed
What would be your goal to accomplish in the next six months?
After achieving successful milestones in various loan products, going ahead of the plan is to offer other Financial products like Insurance, Mutual Funds, Demat accounts and other Liability products via MyFundbucket or our group company platform. Credit reports which we would be launching soon on our platform will make our customer’s aware about their current Credit health. We would be a one stop shop for any financial product requirement a customer would have. Serving at least 5 million customers by 2020 is another of our top goals. We will ensure that any customer visiting our platform for a particular financial product requirement has a seamless experience and his requirement is fulfilled in the shortest period of time. We also have big plans for the MyFundbucket mobile app which will play a major role in days to come for serving customers.
What message do you want to convey to fellow entrepreneurs?
Be positive. Have a vision and constantly work towards it. There will be roadblocks, ups & downs, may feel like quitting some time. But perseverance with a solid road map is the key to success.