Sarvatra Technologies, PayNearby & LenDenClub, leading fintech startups


Mr. Mandar Agashe, Founder & Vice-Chairman, Sarvatra Technologies ltd.

Compared to the previous year, the Indian economy had a better phase in 2021, as the pandemic slowed in the second half of the year and the economy reopened. As a result, large banks, small finance banks, as well as cooperative banks witnessed growth in the number of digital transactions done through UPI, AePS, etc. With the help of better banking technology and services, the larger banks in the country, as well as small finance banks and cooperative banks, are serving the customers better. The government and RBI have played a significant role in creating space for better adaption of digital modes of transactions. Semi-urban and rural India is slowly pacing their way to use more technology-enabled banking facilities. To achieve the dream of a “Digital India”, the focus should be on encouraging more digital transaction methods and infrastructure improvements along with policies that will enable the large and medium players in the sector to be tech-innovators. The coming year is likely to be fruitful in case the infrastructural challenges are appropriately addressed, easier regulative reforms are introduced and rural India is encouraged to undertake more and more digital transactions with the support of large private sector banks, small finance banks, cooperative banks, NBFCs, and other financial institutions. With various measures undertaken by Government, RBI, and NPCI, the year 2022 is likely to witness accelerated growth in innovation in the digital payments space.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby

Reflecting closely over the last couple of years with a “glass half full” mindset, I feel the best thing to come out of the COVID-19 pandemic was its emphasis on the need for symbiotic connections between fintech and banking. The pandemic has only reinforced the necessity and penetration of digital services across industries. It has turned out to be a silver lining for the country’s digital finance sector. In this journey, we are grateful to the 41+ lakh micro entrepreneurs who have chosen us as their partner, bolstering this paradigm shift. It is they who have played a key role in sustaining our social and economic fabric when we faced unique and evolving challenges this year. At PayNearby, we have demonstrated resilience. Our colleagues and partners have served our retailers and customers brilliantly, while we have remained focused on innovation and continued to do everything to make financial services accessible to everyone, everywhere.

In 2021, our business throughput was ~Rs 5,900+ crores every month, and we generated ₹290 crores revenue for our retail partners. Besides, to ensure that every citizen has access to cash anytime, anywhere, we have also built a distribution network of one lakh Micro ATMs across the country. This added strength to our robust Aadhaar ATM network, which is servicing more than Rs 3500+ crores withdrawals monthly. The Micro ATM network added north of ₹500 crores of monthly card withdrawals to our overall ATM throughput.

In addition, to upskill and modernize the retail segment in the country, we introduced PayNearby NeoDukaan, a store manager app with features like digital payments, digital ledger, and digital store, designed to make every shop in Bharat – modern, digitally-empowered, and future-ready. By using our tech-led distribution network of 41+ lakh micro entrepreneurs across 17, 600+ PIN codes, we are working to facilitate money movement seamlessly and securely for everyone at the last mile. Besides this, our patent for an invention in Hyperlocal Retailing, for our system and method for invoicing, inventory tracking and sales tracking, is already making the lives of our retail partners easy.

We believe the country’s vision of ‘Digital India’, will be achieved by driving digitization from Bharat, where 70% of the population resides. In the process, small and medium businesses like Kirana stores will play a vital role as we move in 2022. We believe 2022 will be a year of customization in offering financial services, depending on region or language. And, retail stores will be the significant distribution point for these customized financial products. Come 2022, with our unshakable resilience, we look forward to achieving many more goals together to make our vision of a financially and digitally empowered society a reality. Zidd Aage Badhne Ki! 

Mr. Bhavin Patel, Founder & CEO, LenDenClub


Peer-to-Peer (P2P) Lending is a new-age investment class that can build a safe future and brighten up the present simply by being a prudent investor. The first two waves of Covid-19 have profoundly revolutionised the way individuals invest, especially the millennials. The post-Covid age is poised to witness a radical 180-degree turn in digital lending. P2P lending will be seen as a leading alternative investment class in less than no time. P2P lending players will indeed be the real winners offering a unique blend of advanced technologies and quick financial solutions. It is a known fact that India’s formal credit penetration falls well below that of similar emerging nations. In the coming calendar year, the sector will play a crucial role in filling the credit gap by making it accessible to masses from any part of the country. Further, P2P will play a vital role in growing the BNPL (Buy Now Pay Later) segment and massive penetration in MSME lending.


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