There’s a lot of buzz about the success stories of a big start-up but there are some truly inspiring small entrepreneurs out there who are very motivational and heart-warming, those entrepreneurs keep the flame of hope alive for another small and mid-sized start-up. One such person is Praveen Kumar, SKVPay founder & CEO, who is working to build a robust model for banking services in rural areas.
Working in the past with companies like Airtel, Reliance Communication, and Aditya Birla Payment Bank and handling the projects in the domain of mobile banking, digital payments for more than 10 years has helped him to gain the deep understanding of the market. His experience in the projects like launch of Idea Money, IFFCO-Airtel has also provided him with ground-level insights into consumer demand. He believed that the limitations of these services is that they are unable to serve rural areas.
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SKVPay startup story
Coming from a rural background, he had seen the struggle of rural areas for banking services. He felt that the actual requirement of this service is in rural areas where a person has to travel an average of 13km just for an ATM or for a small service like opening a bank account or withdraw money. With this came the idea to turn the small retail stores into banking outlets.
With a belief in his idea and willingness to take risks, he started his own venture with a seed capital of around Rs. 60,000. With the help of friends and family, he collected Rs. 5 lakh and started his own portal. Moving bit by bit, he started developing software, building his own team, distribution services and reached to the retail base outlet of 2000 shops within just 3 months with the help of 3 team members.
He started his business in the eastern part of UP (Varanasi) and to make it relevant to the people, he kept the name of the company based on the most famous temple of Varanasi i.e. Shri Kashi Vishwanath (SKV). With a motto to make “Har Dukan ATM Saman”, he is slowly expanding in the other states as well. His plan is to bring banking access in the next 5 years to the larger rural population of India.
With a belief that an enormous set of responsibilities weighing on our shoulders helps us to perform and grow more, he keeps moving forward. His positive attitude is slowly carving out a successful path for himself. Presently, he has invested around Rs. 1.25 cr and is doing Rs. 180cr business annually.
Visit: SKVPay website
SKVPay Founder Interview
Article by Sakshi Baheti, IIM Rohtak’20