Sarabjot SinghCo-Founder & CEO of ScrewCash Published On: Monday, August 22, 2016 Views 1960
"Your time is limited, so don't waste it living someone else's life."
Sarabjot has a very good technical competency and a never give-up attitude which is the reason why none of his colleagues have even seen him disappoint anyone. He is very flexible and adoptive for any new challenges. He has an expertise in team management, marketing and business development. He has an MBA in finance and marketing. He started his career as a summer intern and gradually worked up levels of success over the years. The came to prominence after he launched his own startup ScrewCash.
It is a payments driven mobile marketing platform founded in September 2015 for brick’n’mortar SMBs. They make payments through mobile at near-by stores a win-win situation for all stakeholders i.e. Users, Payment Companies & Merchants.
Please provide a brief overview of your product/ service.
ScrewCash is the one-stop mobile application that encourages people not to use cash and instead, go for mobile payments at nearby stores like restaurants, chemists, kirana stores, etc. Apart from the comfort of going cashless, users are incentivized via cashbacks, loyalty programs, etc., which are 100% funded by SMBs. All these benefits are seamlessly integrated with the act of payment, so that users do not have to undergo the trouble of searching various portals/ apps for offers to save money. Customers can make payments through any of these – debit card/ credit card/ net banking/ wallets like FreeCharge, Citrus. ScrewCash also helps users manage shared expenses. Using the mobile application they can a) easily split bills b) Keep record of outstanding amounts at individual and group level c) Transfer money to others (only mobile number required) d) Send automatic reminders to people who owe them money. From SMBs perspective, we are helping them increase revenue by providing platform which helps them in customer acquisition & retention. ScrewCash acts as a ‘payment + marketing’ platform for them without any requirement of extra hardware, not even a smartphone, even basic feature phone is enough. Apart from being able to collect payments via mobile, they can run their own customized offers/loyalty program as per their own business need to acquire, engage & retain their customers.
What inspired you to build the above product/ service?
After I did my MBA from MDI, Gurgaon, I joined American Express where I was responsible for managing India Corporate business. As a risk manager, the objective was to identify opportunities to grow the business profitably but at the same time manage credit risk for the market. There I got opportunity to work closely with SMBs & understands challenges they face in managing their finances. During that tenure only, I identified opportunity to create a technology platform, potentially useful for millions of SMBs in India which helps them grow their business. The idea was to create a payments driven mobile marketing platform which helps SMBs in not only acquiring new customers but also retain them by providing better service & engaging them regularly. When I shared this idea with Raksh (co-founder), he also got excited & there in we left out corporate jobs last year to start building ScrewCash.
What is your life mantra?
Listen to everyone but do what you believe is the right thing
What was the most challenging part of your journey till now?
Talking about challenges, initially it was difficult to convince merchants to come on board due to 2 reasons
1) I had no sales experience
2) Merchants did not had great experience with other apps they worked with. But now with more than 200 merchants on board, it’s no more a major problem for us.
How did you overcome those challenges?
Ground realities can sometimes be very different from your own perception of things. Therefore, I overcame initial challenges by being more open and talking regularly with our customers & partner merchants
Share some details about the investments that you have been able to fetch for the business till now.
We are currently bootstrapped, building ScrewCash from our personal investment
According to you, what are the three qualities an individual must have to achieve success?
1) Being persistent
2) Someone who graciously accept failures & learn from them
3) Has faith in his/her own abilities
Which online tools/ services/ apps do you use the most and would like to recommend as well?
Slack is one good tool, which I always recommend
Share any one habit which you think makes you more productive.
Every morning spending some time alone on my terrace (without any electronic gadget) & plan for the day
Share any one habit which you wish to change in yourself.
I would like to work on time management
Answer in less than 50 words
- One tip to success:
Start with something you believe but listen to your end users & keep on evolving
- One mistake you believe every individual must avoid:
Entrepreneurship is not sexy so make sure you do not jump on for it just because of all the hype around it
- One most important lesson that you have learnt till now:
Managing people is a great skill set; sooner you learn, better it is
What are your plans for next 3 years?
We would like to capture & grow ScrewCash in at least five metro cities in next 3 years
If you get a chance to start your career again what would you do differently this time?
I will give more preference to work which helps me develop different skill sets which interests me rather than what brand/company I am working for
What are your top three getaway destinations?
1) Mcleodganj 2) Rishikesh 3) Goa
Share a quote that inspires you the most.
“Your time is limited, so don’t waste it living someone else’s life.”