We never knew a friendship of three bankers and a techie would shape up into a fintech start-up with a common goal to make retail lending easy, transparent and exciting for the consumers in India.
An alumnus of IIM-Lucknow, learned the ropes with Planning Commission (before it became Niti Aayog), Axis Bank, Aditya Birla Financial Services Group, Shipping Industry. A Fund Manager, trader, he is ever curious on what makes markets tick. Always feel given a time machine he could have replaced Jim Morrison.
An MBA from LU began his career in retail banking with ICICI Bank in 2004. After a short stint at ICICI Bank, he moved to IDBI Bank. He not only got promoted on fast-track but was given the responsibility to head the retail loans center from 2009 till the time he decided to venture out in 2016.
An expert on Retail Banking having worked for 12 years at IDBI Bank, we feel she is the Bankopedia for Indian Banking system. A cool head and laser focus, she remains the “Operations” Master of the team. An avid Marathoner, she wants to work on finishing a Half Marathon in under 100 minutes.
He is the techie behind us and has 9 years of IT experience in diversified roles. He co-founded a tech start-up in a span of 6 years before Gullakh. He is a Microsoft Technology enthusiast, consultant and an evangelist having a wealth of experience in leading engineering teams in companies across the globe. He loves swimming and always tries to find opportunities to do some adventure sports – skydiving, bungee jumping or scuba diving.
It was during these 3 decades of combined work experience as bankers, we witnessed the increasing reliance that lenders were having on third-party origination channels and the prominence of direct sales agents.
In seeking competitive advantage, banks had continually tried to innovate what were otherwise relatively simple lending products.
Banks introduced new features, special offers, packages, special pricing, teaser rates and new fees. This has made loans seem extremely confusing – increasing the need for advice from chartered accountants and agents.
Gullakh: Cutting out the middleman – the confusion
Gullakh was created to solve a problem: to uncomplicate the retail lending process. The retail lending process is not complicated or confusing. At least, it shouldn’t be.
Good consumers with good credit ratings and stable employment should get the best rate on loans. It’s as simple as that.
Gullakh’s vision is to have the banks compete for the loan business of consumers on a mobile device, in a live, totally transparent environment. While the consumers should be given the power to choose the lender meeting their requirement. In other words, with more than 100 banks operating in India, we wanted to turn the table for the consumers.
The team naturally had a terrific network of connections with senior bank executives around India. This helped facilitate positive discussions with lenders – particularly the “challenger brands” who were looking for new ways to compete with the larger players.
The Reverse Auction at Gullakh.com platform empowers consumers to achieve a fantastic outcome in their loan and it removes all the barriers to refinancing, shopping around and creating competitive tension. We intend to create a near perfect competition for retail loans in India.
Gullakh effectively connects consumers with the lender who is best suited and most interested in that specific consumer.
Never before have lenders had the technology to directly pursue qualified opportunities with consumers that meet their own individual growth and client strategies.
It’s a win-win!