VMPL
New Delhi [India], July 15: A startup founder's life comes with layers of challenges, responsibilities, commitments, all-nighters, long hours, and more. It can be heartbreaking when things don't work out, and rewarding beyond belief when they do.
The "Crafting Bharat - A Startup Podcast Series" powered by AWS, and an initiative by NewsReach, in association with VCCircle, unlocks the secrets behind these successful entrepreneurs' journeys aiming to equip aspiring entrepreneurs and business enthusiasts with invaluable insights. The podcast series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Forbes India, and The Economic Times.
In this episode of Crafting Bharat, Gautam speaks to Rajat Deshpande, Co-Founder and CEO of FinBox, and a shining star of India's fintech ecosystem. Here, he talks about what motivated him to embrace entrepreneurship, and the ways in which credit infrastructure is changing India's fintech landscape.
Through the Crafting Bharat Podcast Series, let's discover the stories of Indian startup founders' journey of turning dreams into reality and turning challenges into opportunities.
Video Embedded https://www.youtube.com/watch?v=bwsmTUCCRf4
Segment 1: The Incubator
They say there is a thin line between genius and insanity. What made you sure about being on the right track since India's digital payments and lending revolution was yet to take off then, there wasn't much bureau penetration yet, and none of you were engineers early on.
FinBox was founded twice, once in 2015 as a Personal Finance Management App which didn't work, so we reworked the product, launching it again in 2 years in a B2B format which you see now. The interesting piece was that we got so involved and we learned so much in that period. These experiences kept building, and we had so much fun along the way that we weren't thinking about whether it would be a success or not. We were focused on building this, and we knew once we had built it, it would be great.
Was there ever a situation where if you didn't secure a client, the future of Finbox was at stake? Or did the B2B model, where it's easier to build something that customers pay for from a use case perspective, enable a smoother ride which trained you to sell before you build versus the reverse?
This first sale was for more than $1 million which we thought was insane. When we received that payment in our bank account, we were in a state of shock, and we were counting zeros. It's in that stage where you feel a huge burden because of the trust people are putting into your vision, which then makes you worry about what happens if things go wrong. But then suddenly, there's a resolution that validates your vision.
Besides generating personalized credit risk profiles with limited data and fraud detection, which emerging use cases for GenAI are you most optimistic about in terms of adding value for your company?
I look at GenAI in two different ways. One of the most talked about use cases is the customer experience layer and the second is the operational nature of GenAI in the B2B SaaS space. I am most excited about the latter, because if you get this right then the way the software is delivered and consumed changes meaningfully.
Segment 2: The Accelerator
The balance between hustle and process for startup founders. How do they achieve this to hyperscale effectively?
Every startup founder is trying to find an answer to this question. I would say that the balance between hustle and process evolves as the company scales. In the early stage, you are the aggressor, all you want is hustle. As you grow larger and become a company, you have a lot to defend, a reputation to protect and customer experience on various layers, that's where the process kicks in that you need to set up.
From a product manager to a startup founder. What has this journey taught you?
Firstly, the product is not everything, distribution is equally important. Secondly, have real gumption for the startup roller coaster ride and lastly, give importance to family support because they will be there through thick and thin.
India's startup landscape is expanding rapidly, emerging as a vibrant ecosystem in the global landscape. And it's the founders' vision and commitment that's propelling this ecosystem forward.
Stay tuned to the Crafting Bharat Podcast Series as we bring you these inspirational entrepreneurs for insightful and candid discussions with Gautam Srinivasan.
Follow Crafting Bharat
https://www.instagram.com/craftingbharat/
https://www.facebook.com/craftingbharatofficial/
https://x.com/CraftingBharat
https://www.linkedin.com/company/craftingbharat/
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
