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Innovative Lender Olyv's vision of serving the emerging aspirational class of India with the help of technologies like AI and ML has contributed to the building of a robust digital lending ecosystem to bridge the credit gap.

By Priyanka Tanwer

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Rohit Garg, Co-Founder & CEO, Olyv (formerly SmartCoin)

The challenge of financial inclusion in India is multifaceted, characterized by a lack of access to basic banking services, credit, and financial literacy among a significant portion of the population. Rohit Garg launched Olyv (formerly SmartCoin) in 2017 to solve this issue by dismantling traditional barriers to financial services.

"We aim to empower the underserved with tools for better financial management, access to credit, and pathways to saving and investment. By making financial services accessible and understandable, we are addressing not just the symptom but the root cause of financial exclusion, paving the way for a more inclusive financial ecosystem," Rohit Garg, Co-Founder & CEO, Olyv (formerly SmartCoin) said.

He believes that company's transformation from SmartCoin to Olyv embodies its broader vision to offer a holistic financial platform, addressing everything from credit to savings and insurance.

Olyv's vision of serving the emerging aspirational class of India with the help of technologies like AI and ML has contributed to the building of a robust digital lending ecosystem to bridge the credit gap.

It has developed cutting-edge, data-led algorithms, which accumulates data from thousands of alternate points like SMS, app usage patterns and other behavioural indications to form a risk assessment profile of the loan seeker. This is done in real time and a loan is approved within minutes.

"Through continuous focus on innovation and model refinement, we are adding enhanced value to the lives of our customers with a comprehensive suite of financial products, including instant personal loans, insurance, gold savings, credit score checks, among others," Rohit added.

While company's primary focus has been on growth and scaling its user base, it is equally committed to creating shareholder value as well as a sustainable, profitable business.

"Our approach to profitability involves optimizing our operational efficiencies, expanding into high-margin products, and enhancing our customer lifetime value. Strategic partnerships and leveraging economies of scale also play a crucial role in our road to profitability," Rohit said.

He believes that the regulatory framework in India is designed to protect consumers and ensure the stability of the financial system, which aligns with its own goals.

"The dynamic regulatory environment has fostered a culture of agility and innovation within Olyv, encouraging us to find compliant solutions that comply with regulations while serving our customers' needs effectively," he added.

Rohit suggests that customer trust is most important and winning this trust requires paying continuous attention to customer voice and data, as well as user feedback to understand where we can leverage tech further to enhance experience and empower customers.

Olyv is investing heavily in technology to enhance its service offerings and customer experience. This includes developing more sophisticated AI models for personalization and risk assessment, as well as enhancing customer experience and compliance for greater security and transparency.

Founded in 2016, Olyv has partner with RBI-registered NBFCs to offer instant personal loans to self-employed and salaried individuals.

On the expansion front, we are exploring new geographical markets while deepening our presence in existing ones, especially in underserved rural and semi-urban areas. It also plans to broaden our product range further, exploring opportunities in wealth management, investment products, and more innovative insurance solutions.

Factsheet

Funding received: INR 197 crore

Year of inception: 2017

Number of employees: 350+

No. of app downloads: 3 crore+

Projected turnover (FY24): ~250 crore+

Current turnover FY24 (YTD): ~230 crore+

Priyanka Tanwer

Feature Writer

With eight years of experience covering various beats for the digital and print media, now covering electric vehicles and sustainability for Entrepreneur India, keeping a nose for innovation and new technology in this futuristic sector.     
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