As technology adopted by startups is all set to change the face of Indian banking, top bankers are jumping ship to enter the startup bandwagon.
Former investment banker Bhupinder Singh has started a technology driven financing company InCred to address financing needs of various sections of the Indian population.
Going beyond the traditional brick and mortar system the company plans to utilise internet and mobile applications and has tied up with various vendors to provide enhanced customer reach and take its lending products to the consumers.
The company plans to venture into financing for small and medium enterprises, consumer loans, home loans and even education loans.
With investment from former chief executive of Deutsche Bank Anshu Jain, Ranjan Pai of the Manipal Group, Gaurav Dalmia of Lanmark Holdings, IDFC Private Equity, Alpha Capital and Paragon Partners, the company plans to grow its lending book to Rs 1500 crore by March 2018 and Rs 3000 crore by March 2019.
"Given the thrust on Digital India, we at InCred believe that India will be at the forefront in adopting technology for its financial needs. InCred aims to target those sections of the population that are under-penetrated by traditional lenders," said Bhupinder Singh, chief executive officer, InCred.