eSilverbucks currently have a team of 60+ employees and adding more within next few months in the financial consulting space. They act as financial advisor to the customer to make them understand the difference between long term and short term loans and how to manage the EMIs without any suffering in repayment. BW Disrupt spoke to Amit Mittal, Director, eSilverbucks to know more about how they work for financial efficiency of their customers.
Excerpts from the interview:-
What is your company's funding Status?
The company is self-funded, and the funds are infused by the promoters. Though several VCs are approaching us however that will come at a later stage.
How it started, tell us some more about the startup idea?
Founder of the company is a qualified CA and also Ex-banker having a rich experience of 18yrs in the field of International Taxation and corporate advisory and mortgage financing. During the tenure, he has experience that the Banks customer are facing a lot of false promises and harassments while applying for Home Loan and Car Loan etc. Since mortgage financing is Predominately managed & run by unorganized sector.
What are your Future Plans?
Presently eSilverbucks is doing business in Delhi& NCR.and eventually increasing the base to PAN India level with the setup of No.1 e-commerce mortgage company in India. We see ourselves as the leading e-commerce web aggregator in financial sector. Our plan is also to reach out to SMEs and startups for the effective loan provider.
Share something about your marketing efforts?
Our plan is to target salaried customers and self-employed as they comprise of a major share of loan takers. The services provided by us will have a lot of satisfied customers which will result in market reference business and various tie-ups with the builders and corporate.
Tell us about what kind of challenges you faced?
The industry has a major task of regaining the trust of the customers by eliminating unethical and unorganized practices started by local players/ agents who are in large numbers. To remove this, we adopted processes and transparent methods of getting loans sanctioned by banks which are hassle free and convenient.
What are market size & opportunities in this sector?
Currently, we have a huge market segment of the salaried and self-employed population in Delhi &NCR which are yet to be untapped. We can’t overlook the huge requirements coming from SMEs and start-ups due to their short finances and working capital requirements. To sum up, the industry is Rs.500 cr. mortgage market with exceptional growth rate.