Pravin Jhadav, the brains and muscle behind Paytm Money has recently announced the launch of his brand-new financial services venture which goes by the name of ‘Raise Financial’.
The former Chief Executive Officer and Managing Director of Paytm Money revealed the news on Thursday, according to reports. Paytm is the most valuable start-up of India and being an executive in a top company like this and building a complete business out of Paytm Money is huge and the man is doing something similar with his new venture but intends to target a different set of consumer base, as mentioned in a report by Tech Crunch.
Paytm Money currently has more than 6 million active users on the platform and the credit for the same goes to the seamless and effective business model of Paytm Money.
In terms of financial services, India is not as advanced as other countries, say the USA but this difference in advancement creates room for development and a lot of potential. India has potential and services like Paytm and CRED among many others are working towards achieving that status and taking India at par with the USA and other powerhouses.
Having said that, millions of people in India do not know how to use a credit card without going bankrupt, they have no knowledge about the kind of financial services are available in the country at the moment, banks don’t lend people without a money-back guarantee and people have never purchased any item- be it a house, a car or even an insurance cover using extended financial services. Investments are nil and people have never invested in stocks or mutual funds as well, India shows a lot of room for development and in my opinion, Raise Financial Services is targeting to tap this audience for its growth in the financial services sector of India.
Pravin Jadhav mentioned in a statement that the start-up will offer diversified products and services across the financial services sector which includes insurance, investing, financing, payments and wealth, as mentioned in a report by TechCrunch. However, the founder exclusively mentions that Raise Financials will not be involved in the banking sector as it requires more of an infrastructural play. He also added that India can expect the company’s first financial product by the end of this financial year 2021.
Raise Financial Services will mainly focus on providing exceptional products to Indians and also on technology-driven distribution along with the improved quality of customer services.
