Anshuman MishraFounder of LoanADDa.com Published On: Tuesday, August 23, 2016 Views 2245
"Be temperate in everything, avoid extremes in life."
Driven by ingenuity and knack to succeed, Anshuman has always been ahead of the game. He has an expertise in valuation, corporate finance and business strategy. He started his career as a product manager at ICICI Bank and gradually climbed the ladder of success, taking on several roles in different companies. He is a serial entrepreneur with multiple startups to his name.
His latest venture, LoanAdda is an online aggregator of financial products, which gives quick and custom solutions for all your financial needs. LoanAdda has done Rs. 170 cr loans in a short span of time, is built for Speed and Clarity to instantly browse, compare and apply for loans using a single platform and lookup offers from over 40 partner banks and NBFC’s.
Please provide a brief overview of your product/ service.
LoanAdda is a financial technology company that delivers a range of custom-tailored financial services with a focus on under-banked and thin-filed consumers. The company’s proprietary algorithm is constantly updated with the lenders’ parameters on daily basis and once the borrower’s details are fed into it, the system quickly shortlists the banks and NBFCs which would be most suitable based on the customer’s requirements. In addition to this, the software also ranks the banks in the ease of doing the loan based on the previous data. LoanAdda wants to improve financial inclusion in India and is the largest online loan aggregator portal in India covering the complete spectrum from lead origination to disbursal in the impact lending space. LoanAdda handholds the customer from doorstep document pickup to getting his credit score for free to finding the ideal financial institution to lend from.
What inspired you to build the above product/ service?
Indian Financial system is mired in unnecessary complications. It is centered on the concept of exclusivity rather than inclusivity. We wanted to break this. We want to make financial products accessible for all. While our systems in the backend are built on most powerful algorithms, at the consumer end, we remain simple and easy to use.
What is your life mantra?
My life mantra would be “never stop believing in yourself”. The day you stop believing, the life of an entrepreneur is over. You need to keep pushing, keep believing.
What was the most challenging part of your journey till now?
Attracting the right talent and retaining them.
How did you overcome those challenges?
I came with an open mind to create a business model around my passion and my strengths of connecting capital with labor.
Share some details about the investments that you have been able to fetch for the business till now.
We are currently bootstrapped and cash flow positive.
According to you, what are the three qualities an individual must have to achieve success?
Perseverance, Passion, Habits
Which online tools/ services/ apps do you use the most and would like to recommend as well?
The most used app would definitely be LoanAdda. Other most used apps are Evernote.
Share any one habit which you think makes you more productive.
I set small deadlines every day to finish my tasks. Most times it’s a 10 minute deadline. It helps me focus on the job at hand for a minimum required time. As an entrepreneur, your time is spent doing the most mundane things, which don’t directly reflect on the business, but are still an essential aspect. Making these deadlines helps me put things in perspective in terms of how I want to plan each minute of my time. Meditation also hugely helps in increasing my productivity.
Share any one habit which you wish to change in yourself.
The over positivity and enthusiasm that one has as an entrepreneur has to be balanced with the guarded skepticism of a corporate professional considering the ground realities.
Answer in less than 50 words
- One tip to success:
Ability to stick to your stand inspite of naysayers and contrary advice with patience and perseverance to pursue your dream
- One mistake you believe every individual must avoid:
Judging yourself on a failure and not trying innovative ways of doing the task
- One most important lesson that you have learnt till now:
Failure is not permanent, what matters is your attitude towards an idea going wrong and believing that it is the execution rather than the concept
What are your plans for next 3 years?
We plan to be the most valuable Fintech brand in the online loan aggregator space in India. We are planning to expand into deeper into the Indian markets. We are currently present in around 100 cities and plan to cover around 250+ in next 12 months. Apart from that we are also targeting rolling out our services internationally especially in South-Asia with similar economies.
If you get a chance to start your career again what would you do differently this time?
I would have liked to be a part of a startup earlier on in my career wherein I have the opportunity to learn and be part of the decision making fabric of the core team.
What are your top three getaway destinations?
Goa, Bhubaneshwar (home), Singapore
Share a quote that inspires you the most.
“Be temperate in everything, avoid extremes in life”- Bhagavad Gita