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Mayank Kachhwaha: Lending A Helping Hand

It provides a digital marketplace for financial products and services such as personal loans, unsecured consumer loans, credit cards etc

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The penetration of unsecured credit offerings in the tier II, III  cities has been abysmally low. Majority of the credit products offered by banks and NBFCs are catered to the metros and semi-metros. Since unsecured credit products are not backed by any assets or collaterals, there is a greater risk associated with providing loans or other credit products to such a segment. Founded in 2015, IndiaLends is catering to this underserved market by exploring unconventional credit risk assessments models that use unique data points such as past bank transactions, utility payments, etc.

IndiaLends is Co-founded by Mayank Kachhwaha. Currently, it has over 500 employees. It operates in the digital lending space in India. It provides customers with a digital marketplace for financial products and services such as personal loans, unsecured consumer loans, credit cards etc. tailored to their needs.

At IndiaLends, Kachhwaha is responsible for product development, analytics, marketing & sales, operations, and risk functions. He also helped design the overall risk framework and strategy functions at IndiaLends. He is currently focused on expanding IndiaLends’ scale of operations to the underserved segments in the country by collaborating with financial institutions on customer sourcing, technology, and analytics. Further, he is involved in the task of drawing out a framework for integrated unconventional credit risk assessment models that use unique data points such as past bank transactions, utility payments, payment patterns, subscriptions, etc. for underwriting decisions.

 “The Co-founders from Capital One, Rich Fairbank and Nigel Morris, have been my role models and guiding spirit in all true sense. The experience of working in the organisation they’d built (becoming a top 10 bank in the US in less than 20 years). The organisational values, work culture and the efficacy of data-led decision making inspired us to start IndiaLends. All that we have learnt working at Capital One has helped us withstand the challenges of running a lending business,” he said.

“I decided to move and quit the only job I ever had, with the hope of building something with large scale impact in the country I call home. I firmly believe that a large part of India’s growth story is going to be driven by Fintech, and specifically lending. Individuals and businesses continue to be underserved (upwards of 90 per cent rejection) due to the financial institutions inability to keep credit costs - Cost of Origination and Servicing and Losses - under check. Our sole focus is to enable banks and NBFCs with technology and data science capabilities in order to improve credit acceptance. We’ve had some early success but there is still a long way to go. I was born and raised in a small town (in a middle-class household) and while I have seen it change, but the everyday struggles still continue with few employment opportunities and the lack of an ecosystem that supports small-time entrepreneurs. All this has made the economies of smaller cities stagnant, while the pressure on existing resources continues to increase. The next 10 years, as we gear up to become a &10 trillion economy, will be led by fintech in the smaller towns and rural India. I hope to be able to continue to contribute to India’s growth story,” Kachhwaha added.

Kachhwaha believes India is a land of opportunities and we’re living in some interesting times - what we do in these next 10 years will define, to a large extent, the future of this country. As entrepreneurs and working professionals, we’ve to solve Bharat (Tier 2 and beyond) using technology.


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