Q1) Brief us about your company, its business model, and operations?
We founded Siply in 2020 with the vision to empower underserved masses financially in India by providing them micro-savings services. We are headquartered in Bengaluru. Our venture Siply is a full stack tech-enabled platform which encourages and helps masses like contract workers, blue-collar workers, gig economy workers, and small business owners to invest in micro-savings behaviour through sachet financial services where the investment can be as low as INR 1 to build more productive, inclusive, and financially strong India. Our vision is to financially fortify approximately 400 million masses in India who are not yet part of the formal banking system. Our venture aims at building a dedicated platform which is customised to serve the specific needs of the people who have been denied the services of financial institutions like banks and mutual fund firms etc.
Ever since its inception, Siply has serviced over 6 million customers who collectively have made more than 11 million transactions. In its endeavours to fortify the Indian masses financially, Siply launched micro-credit services in July 2021 and has disbursed more than 1.8 Lakh loans amounting to over INR 185 Crores. Our loan granting repertoire has thrived at the monthly rate of 150% over the past few months. Our brand vision is to empower the masses by facilitating them with a technology-enabled micro-savings platform which can prosper them by rendering monetary stability and progression.
Q2) What are the unique key points (USP) of your company?
We have always tried our best to incorporate the salient features in Siply to make it one of the finest micro-savings platforms in India. Siply is entirely backed by the latest technology to ensure high-tech and advanced micro-saving services to our clients. To ensure the optimal reach of our platform, we have incorporated a vernacular approach wherein our services are available in 10 regional languages for the better comprehension of the masses. Digital onboarding is one of our most prominent features which facilitates convenient and hassle-free services to the micro-savings aspirants without any formalities. Siply is a literacy-driven platform where we not only help our customers to invest but also encourage them to learn about investments, thereby assisting them to make beneficial investment choices.
Micro-savings starting at INR 1 have always been an eminent feature of Siply ever since its inception which has enabled every stratum of masses to invest in our platform. We provide a wide range of investments to cater to individual affordability. Instant withdrawal is another unique point of Siply which attracts our customers a lot. Our customers have the liberty to withdraw the accrued amount of savings anytime. The feature to pause and restart the savings at will is also a significant feature which imparts flexibility to our customers to invest as per their decision at any time. We are delighted to state that with these vital and unique attributes, Siply has become the first choice of customers who aspire to harness optimum financial benefits by investing a nominal amount.
Q3) How are you different from the existing competitors?
Siply was founded with a vision of the economic progression of the masses. The flexibility we impart to our customers to invest as little as INR 1 on our platform is our USP which distinguishes us as a micro-savings platform in the market. We have empowered the masses of India financially by rendering them an opportunity to invest with minimal amounts thereby reaping considerable benefits. We have democratised the concept of savings by eliminating the concept of the required minimum investment amount. Our primary brand goal has always been to facilitate financial services for the masses who are not aligned with the formal banking system yet.
We recently launched the Siply Gold Savings scheme which allows customers to purchase a gold coin over a period of 10 months at instalments which can be as nominal as INR 250 per month. We kept the diverse customer demographics clearly in mind while devising the Siply Gold Savings scheme which allows users to buy 24k gold coins at the most affordable price ever. Our customers can be the proud owner of a shiny new 99.99% pure gold coin at the end of 10 months, without feeling the pinch in the pocket. Apart from the mentioned plans, we provide the utmost flexibility to our customers who can invest and withdraw money on our platform at their will. With its unprecedented flexibility, adaptability, and vision to serve the Indian masses, Siply has carved a niche as a micro-savings platform across India. We are now preparing to launch a Gold Jewellery Scheme, that allows users to directly buy jewellery in instalments.