Spay India – Startup Story | Founder| Ceo | Funding | History | Competitors

Introduction:

In the cutting-edge virtual age, it’s far very smooth to behavior transactions on-line. More than 70% of all bills are made digitally, that is saving time and cash.

One of the freshest subjects withinside the virtual bills enterprise is SPay India, that is a Fintech enterprise that gives diverse monetary offerings. The enterprise’s machine, Aadhaar Enabled Payment System (AEPS), is designed to facilitate bills among non-financial institution holders.

Website : https://spayindia.in/

About:

SPay India is a Fintech enterprise that gives low-price cash switch offerings. SPay India is a personal confined enterprise this is each a fee store and distributor. All you want to do is check in and use its virtual offerings to ship and get hold of cash. The enterprise’s low-price provider permits you to switch cash from one account to another, and that they have a 0 fee fee.

As a Fintech enterprise, SPay India pursuits to empower the underserved segments of the Indian economic system. They offer a provider to every client to healthy their life-style and make the manner of cash switch handy.

This fintech enterprise is primarily based totally in Noida, Uttar Pradesh and affords quite a few offerings, inclusive of on-line bills. Through the reliable internet site or its cell software, you could ship cash to absolutely everyone withinside the united states of america or distant places while not having to have a financial institution account.

The enterprise speaks Hindi and gives offerings throughout quite a number sectors. Its emblem and tagline each imply consider and identity. This platform is one of the quickest developing B2B groups in India.

As a fintech enterprise, SPAY India specializes in empowering migrant populations and underserved sections of the Indian economic system. The enterprise’s modern era permits for cash transfers with out the want for a financial institution account. It additionally acts as a hub for diverse monetary offerings, inclusive of insurance.

This way that no financial institution account is required, and those can get admission to those offerings while not having to fear approximately their finances.

The enterprise is centered on offering banking offerings to migrant employees and underserved groups. As a result, SPay India has installed a sturdy client base and pursuits to be a first-rate participant withinside the digitization enterprise in India.

SPay India has correctly centered a tough target target market and has installed itself as a straightforward enterprise. And it has carried out so in a quick quantity of time. With the assist of the era, human beings withinside the decrease rungs of the pyramid can now get admission to monetary offerings and get admission to higher monetary offerings.

The customer support crew of the Fintech enterprise SPay India is obtainable thru their reliable internet site. You have to first discover the ‘Contact Us’ choice at the internet site. Here, you’ll want to go into your touch details, consisting of your name, registered cell quantity, and e-mail ID. In addition, you could additionally put up a message to the enterprise’s executives. Then, they’ll get again to you as quickly as possible.

SPay has made it smooth for human beings to ship cash to India. Using the app, clients can ship cash to any Indian telecellsmartphone quantity. All this is required is an account with a big financial institution. If your financial institution isn’t supported, you could request for one for free. Once you’ve got got a legitimate financial institution account, all you want to do is switch cash from it for your SPay India digital account. Then, you could ship cash to any quantity in India.

Founder & Team:

The CEO of the enterprise, Nikhilesh Tiwari, has based the enterprise with 29 employees. The Fintech enterprise become based in Noida in 2013. The aim of the enterprise is to provide the maximum handy monetary offerings to underserved groups in India. He has previous enjoy running as a approach representative at McKinsey & Company and the funding banking department of Goldman Sachs.

History:

SPay Technology Private Limited is an unlisted personal enterprise integrated on 28 November, 2018. It is classed as a personal confined enterprise and is positioned in Central Delhi, Delhi.

Revenue:

SPay Technology Private Limited’s working sales variety is Over INR 500 cr for the monetary yr finishing on 31 March, 2021. It’s EBITDA has expanded via way of means of 7.83 % over the preceding yr. At the identical time, it is ee-e book networth has reduced via way of means of -81.27 %. It’s legal proportion capital is INR 1.00 lac and the overall paid-up capital is INR 1.00 lac.

Funding & Investors:

There isn’t anyt any statistics of it.

Revenue Model:

SPay India, become based via way of means of Nikhilesh Tiwari CEO & Founder and Sunil Dhawan COO & cofounder in 2018. They were running at the concept of rural banking for an extended time. The founders have been born and raised in rural India and that they have been privy to the demanding situations confronted via way of means of folks that don’t have get admission to to banking facilities.

Their purpose become to offer banking offerings to the agricultural populace and make banking less difficult for them. The enterprise has been developing at a fast fee on the grounds that then and now has annual sales of 100cr rupees.

SPay India operates from 20 States and four Union Territories. The enterprise has a sturdy presence in rural banking, with a community of over 25,000 branches throughout the united states of america. SPay India has additionally been an lively participant withinside the monetary inclusion space, and It is one of the united states of america’s quickest developing fintech enterprise withinside the BC area and proudly marks as a Category “A” enterprise.

This is how they reached this quantity –

• They centered on constructing an excellent client enjoy via way of means of offering their merchants/dealers an smooth and direct get admission to to SPay control for any troubles they face.
• The enterprise additionally encourages its clients to apply their provider via way of means of giving them reductions on diverse merchandise presented via way of means of the enterprise.
• As in line with our ordinary great and marketplace analysis, we’ve got glad 7 out of 10 community companions with our portal performance, which additionally makes SPay as one of the number one used portal withinside the united states of america.
• In the cutting-edge month i.e. Feb, 22 on the second one Monday (that is the maximum essential day in our enterprise because it brings the best load of commercial enterprise in a unmarried day), SPay portal serviced approx. 1.sixty five Lakh transactions on a extent of INR 32 Crores, our achievement fee touched a large 99.9% achievement txns as handiest eighty txns went pending which have been additionally a hit inside 24 hours.

Services Offered through SPay India:

Apart from sending cash to any Indian location, the app gives some of different offerings as well. The app permits you to pay bills, make on-line bills, and take insurance. The provider is straightforward to apply and works seamlessly thru a couple of devices. The user-pleasant interface makes it smooth to finish all transactions with one click. Even if you’re visiting overseas, SPay India assist you to ship cash to India with none hassle.

Another superb function of the app is that it’s far speedy and stable. Most human beings choose this technique of fee over a conventional department. The app is primarily based totally on a blockchain era, making it smooth to ship and get hold of cash from anywhere.

You may even ship cash to India thru your cell telecellsmartphone or thru a credit score card. With this sort of bendy provider, you’ll in no way want to go to a financial institution department again!

Awards & Recognition:

No award is tehre for SPay India.

Competitors:

SPayindia.in’s pinnacle competition are: banksifsccode.com, bankifsccode.com, kotak.com, paygrt.com.

Latest News:

The ultimate pronounced AGM (Annual General Meeting) of SPay Technology Private Limited, in line with our records, become hung on 30 November, 2021. Also, as in line with our records, its ultimate stability sheet become organized for the length finishing on 31 March, 2021.

Future Plans:

The enterprise is specializing in empowering the underserved sections of the Indian economic system via way of means of offering diverse offerings, consisting of cell recharge, cash switch thru AEPS, tour price price tag reserving and different monetary needs.

Moreover, it’s far permitting non-ee-e book coins flow. The enterprise additionally has a function to play in different economic administrations. Through this initiative, it’s far aiming to create a virtual environment for rural banking.

The enterprise become integrated on 28 November 2018 and is specializing in empowering the migrant populace and underserved segments of the Indian economic system. It affords offerings tailor-made to the customer’s life-style and enables them get admission to monetary offerings.

The SPay era permits cash administrations to be introduced to the customer at minimum prices. Further, the SPay India portal gives a different variety of monetary offerings, inclusive of pay as you go cell recharges, insurance, invoice bills, and insurance.

SPay India has introduced the release of its new platform, which pursuits to serve decrease-profits agencies in rural areas. This bodily presence enables those human beings get admission to banking offerings of their area. The enterprise has additionally released a POS tool. The tool permits clients to make transactions with debit cards. The new POS tool additionally has a integrated camera, permitting human beings to take pics of transactions.

SPay India is a commercial enterprise software from Noida, released via way of means of Nikhilesh Tiwari. It gives a stable on-line fee machine thru AEPS, which makes use of UIDs to hyperlink to financial institution accounts. In addition, the SPay India app gives 3 methods to recharge cell telephones and  methods to ee-e book tour. It additionally gives one of a kind invoice fee and top class bills. It has turn out to be one of the quickest-developing cell bills structures in India.

Some FAQs:

What is SPay India?

SPay India is a Fintech enterprise that gives low-price cash switch offerings. SPay India is a personal confined enterprise this is each a fee store and distributor.

What is user’s task to do?

All you want to do is check in and use its virtual offerings to ship and get hold of cash.

What is the trade fee here?

When making a living transfers from one account to another, it’s really well worth thinking about the trade fee. When you operate Western Union in India, the trade fee is barely worse than on-line. Also, Western Union transactions in SPay take longer than on-line transactions.

You will want greater time and power to manner them. As a result, sending cash from overseas with Western Union might not be the exceptional choice for you. The exceptional manner to keep away from those prices is to apply SPay India.

Who are the administrators of SPay Technology Private Limited?

SPay Technology Private Limited has  administrators – Aarti Dhawan and Parul Goel.

What is the incorporation date of SPay Technology Private Limited?

The incorporation date of SPay Technology Private Limited is 28 November, 2018

Conclusion:

The app gives a couple of offerings, inclusive of on-line cash switch and invoice fee. Its user-pleasant interface permits clients to without difficulty switch cash with only some clicks. The enterprise additionally has a customer service crew a good way to name you to reply any questions.

If you want in addition help or greater records approximately the app, virtually fill out the touch shape at the internet site and a client care government will attain you shortly. During this manner, the customer service government will name you to affirm your records earlier than moving cash.