ePayLater is a Mumbai based Fintech company. Its innovative “Buy Now Pay Later” solution leverages the power of data to mitigate the challenges being faced by online shoppers and the e-commerce industry today. Founded in 2015, the company had raised USD 2 Mn in its first round of funding. The company claims to be already on an enviable growth trajectory with volumes going up by 200% QoQ. With its success in the online payment space ePayLater has plans to expand into the offline space as well in the days to come. Akshat Saxena, co founder and Head of Business Development was named as a contender to the BW Disrupt 40 Under 40 list in 2017.
In an interaction with BW Disrupt, Akshat Saxena talked about his venture.
Success mantra - Persistence and perseverance are key qualities to be successful in life. Perseverance requires neither college education nor training of any kind. It almost always leads to success. No matter what area your goals have to do with, if you persevere, you will succeed.
The driving force behind your journey - I have been fascinated by technology for a long time. Over the past few years, the pace of innovation has gathered momentum and ushered infinite possibilities for making a difference to lives. My fellow co-founders and I had this irresistible urge to be a part of this revolution by creating something unique. ePayLater stands at the intersection of our interest, expertise and market need; and thereby became the natural choice of our journey. Business advice Never be complacent; don’t agree and follow the status quo. Be determined that you are making an indelible impact with great change. Try and achieve the best in life and make every moment worth it.
Tips for budding entrepreneurs - Having a good idea is great, but execution makes all the difference. Don’t be swayed by anything. Invest in people and their growth. It will create the multiplier effect you are looking for.
Government support - This is work in progress but the speed and firm intent with which the government is bringing in change is commendable to say the least. In our industry, I think more stringent policy measures could be introduced to dissuade defaults.
The team - That’s on top of the list. Execution is key and that can’t be done by anyone but a cohesive and committed unit. One can succeed or fail not on the strength of an idea or product, but on the strength of your team. Venture capitalists fund teams, not business plans, as they know these plans can change every day as market conditions change and new opportunities present themselves. They are looking for a solid team to make these adjustments and be able to quickly spin ahead.
The inspiration - Elon Musk, who is revolutionising transportation both on earth and in space.
The next step - We are rolling out interesting new features in our flagship product. There are also few strategic partnerships that are underway. We are also working on a new product, which would target a different customer base, yet create deep synergies with existing portfolio of products.