Siply Services is a tech-enabled micro-savings platform that has democratised the savings paradigm in India by making it possible for the masses to invest in savings with the amount as nominal as INR 1. The vision to transform financial services to empower the underserved masses in India forms the foundation of Siply. With convenient and customisable saving schemes like Siply Gold Savings Plan, the platform is serving millions of masses in the country who are not yet being served by the formal banking system. Let us know more about the innovative and AI-backed micro-savings platform from the visionary, Sousthav Chakrabarty, the Co-Founder & Chief Executive Officer of Siply Services.
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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.
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Q4) What is the monetisation model?
We have a successful paradigm of monetisation which has benefitted Siply a lot. The major part of Siply’s monetisation model is formed by the interest rate and the brand affinity programs. Our brand partnerships also have contributed imperatively to our monetisation paradigm.
Q5) What challenges are you facing in running your business?
Ever since its inception in 2020, Siply has been successful as a technology-driven micro-savings platform. We have served millions of customers who aspire to make convenient savings at nominal amounts. However, there are two sides to the coin of the corporate world. We have relished a commendable success but we have faced a few challenges too. Our platform is entirely tech-enabled and high-touch business requires a personal connection with the end user or the customer which is extremely difficult to deliver through technology. One of our initial challenges was to mould the way Indian masses perceived the domain of investments and micro-savings. To acquaint the masses with the significance and possibility of the micro-savings was quite challenging at the time. With the onset of the pandemic, India’s savings came down to 12%-15% by 2020 as per the RBI report. This plummeting trend in savings across the nation did impact our venture. However, with our immense endeavours, dedication, and pragmatic vision we have overcome all the impediments, thereby making Siply one of the finest technology-driven micro-savings platforms in India.
Q6) What is the market size and opportunity?
The evolving technology and emerging awareness among the populace in India have paved a great scope for the success of micro-savings platforms. We have an annual revenue run rate (ARR) of $1.66 million and anticipate scaling this to $12 million in ARR by March 2023. We are also aiming to scale its assets under management (AUM) to $80 million by the next financial year. Siply recently raised $19 million as a part of a fresh round of funding led by Qi Ventures. Currently, Siply has over 60 lakh accounts opened with about 8.5 million transactions; we have also registered a 5200 % increment in monthly transacting users. Over the last 12 months, Siply has also disbursed about INR 149 crore across 1,50,000 loans with zero non-performing assets (NPAs) to date. In my honest opinion, India is a great market for micro-savings and investment platforms. The surge in such financial ventures will also help our economy to thrive multifariously.
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Q7) What are your plans concerning the Indian Market?
Siply’s remarkable success has motivated us to expand our venture across India. We recently raised $19 million as a part of a fresh round of funding led by Qi Ventures. A lot of new investors resonate with our brand philosophy of serving the masses and are boarding our bandwagon. Siply had earlier raised USD 4 million in equity and debt in a Pre-Series A round led by LetsVenture, Founder Room Circle. The round also saw participation from investors like Kunal Shah (Cred), Beerud Sheth (Gupshup), Manish Agarwal (Nazara), Satish Grampurohit (Ex-Infosys), Shanti Mohan (LetsVenture) and Pratekk Agarwaal (angel investor, Ex CBO-BharatPe).
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The average ticket size for loans given by Siply is Rs.10,000. The company has also disbursed micro loans that are as small as Rs.3000. The monthly income of an average loan applicant is Rs.18000. The interest rate is also competitively low at 15-18% p.a. Siply does not charge any processing or convenience fee either.
We recently launched a stock trading venture starting at INR 100, enabling the masses to grow with blue-chip stocks. The feature will make the top 20 stocks of India accessible to millions of Indians who previously couldn’t purchase the same due to the high share prices of these stocks. Siply allows its customers to invest with a nominal amount of INR 1. Our goal at Siply is to become the first choice of micro-savings aspirants pan India. With the help of our dedicated app, customers can conveniently invest in several different products such as gold, mutual funds, chits, fixed deposits and now, stocks too. With the remarkable milestones achieved as a micro-savings platform, we look forward to serve customers across India with enhanced services.
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Q8) How is the Siply Gold Savings Scheme growing?
The Siply Gold Savings scheme has been progressing well ever since its launch. We are glad about the success of the gold savings scheme. People across the country have embraced the scheme ardently. Gold in India has a great cultural and financial significance which contributed vehemently to the success of Siply’s gold savings scheme. The scheme allows customers to purchase a gold coin over a period of 10 months at instalments that can be as minimal as INR 250 per month. The plan allows the customers to own a shiny new 99.99% pure gold coin at the end of 10 months. We have received an overwhelming response for the gold savings scheme and the pivotal factor behind its success is the astonishing difference between the current market price of gold and the price Siply provides. As compared to the market price of INR 5,700 per gram, our customers end up paying just INR 4,500 for a gram of gold and INR 2,500 for half a gram. With all its magnificent features, the Siply Gold Savings scheme has become one of the smartest and easiest ways for our customers to own a gold coin. In a way, Siply has realised the dream of the masses in India to own gold as an asset. At present, Siply has over 3 Lakh individuals saving every month towards Gold Savings.
Q9) What has been the biggest learning so far?
Every entrepreneur derives vital learnings from their entrepreneurial journey. Siply was launched in 2020 as a technology-driven platform with our vision to facilitate convenient savings and investments for the masses who are not part of the formal banking scenario. Our journey so far has been rewarding and commendable. The entrepreneurial experiences have imparted various corporate lessons to us. We have learnt that communication with end users or customers is very important. As a financial firm, it is imperative to convey the brand message to your direct customers for the best outcome of monetary schemes. I would also like to accentuate the significance of risk management as an integral part of business planning. A well-devised risk management plan is the backbone of any financial paradigm and it imparts security to the business. It is wise to conclude that with premeditated efficiency and business planning, any enterprise can reach the zenith of success.
