India Has The Highest FinTech Adoption Rate Globally: Capri Loans’ Rahul Agarwal

In an interview with BW Disrupt, Rahul Agarwal, Chief Technology Officer, Capri Loans, talks about the intersection of tech and problem solving

Capri Loans is leveraging cutting-edge technological tools to become a top FinTech business. The company's digital transformation initiative aims to modernise legacy system. Below are excerpts of an interview that was done with Rahul Agarwal who leads business transformation at Capri Loans:

What is your perspective on the Indian FinTech industry?
With nearly 34 million Indians coming online between 2021-22 and the rapid technological advancements glimpsed daily, the fintech industry and the nation is witnessing a flurry of brilliant ideas and talents. These combined with the government’s outlook and initiatives towards boosting the growth of the FinTech industry have led to India having the highest fintech adoption globally. 

What is essential right now is to revamp the education system to be more conducive to these developments and technologies, while continuing to reskill and upskill the current workforce. An employee who is not on the path of constant growth (*personal and professional) will get left behind. This drive to constantly consume information and develop oneself needs to be inculcated right from the educational institutions. The learning and “unlearning” process has gone on for too long now!

What are your key product offerings?

  • MSME Loan: through this, we offer customized financial solutions for small business owners, enabling customers to seize opportunities and expand their enterprise.
  • Home Loans: ridges the financial challenges associated with acquiring one’s own house
  • Gold Loan: loans against gold given as collateral
  • Wishwas: this product aims to establish a gender-equal, poverty eradicated and inclusive economy by offering loans to women in rural and semi-rural areas
  • Construction Finance: Our construction finance is available for small and mid-size real estate developers looking to gain the necessary advantage to completer their project.
  • Affordable Housing Loans Prime: an affordable housing loan suited for salaried employees working in government, public and private firms, catering to the rising demand for affordable housing in urban and rural regions
  • ECLGS: an Emergency Credit Line Guarantee Scheme, this offers pre-approved unsecured loans to fund small and medium business owners who are eligible to get loans to sustain their business.

What tech is being utilised in the retail gold loan business?
We have integrated with a new age Lending system for Gold Loan. We have also built our own DSA platform and Lead management system in-house to power our Gold Loan business. 

What are your hiring plans across the tech vertical?
Hiring is in full swing! While we continue to improve on our homegrown systems and capabilities, we are constantly looking out for brilliant and talented folks who can deliver value and enable growth for the organisation. While outsourcing can have its own benefits for certain organisations, we prefer to rely on our in-house so that operations and scale are in our hands. 

What are the future plans for Capri Loans?
The plan is to continue operating at full steam! We are currently conducting massive hiring camps across the country for our gold loan and retail business. We are starting a fully dedicated 100 people state of the art Tech office in Gurgaon’s most prime location. We are running a very extensive internship program to tap talent at very early stages. At multiple levels we have also built policies for permanently working from home. We have built policies for our people to get them trained for any work related certification or program they want to do.

What is more essential than even is to keep a look out for relevant technologies and methods to implement these because of the pace at which these are maturing. We are strategically and swiftly moving from a conventional NBFC to a state-of-the-art FinTech in order to deliver the best possible products and financial solutions to our customers.

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