Here is a Smart Initiative for Financial Inclusion

THE START-UP WORLD

How did you come up with the idea of Hookolupay? What were the specific challenges that you observed in the rural banking sector that inspired you to start Hookolupay? HookoluPay is an Assamese word, where 'Hookolu' stands for Everyone, and HookoluPay means 'Everyone can pay.'

Back in 2018, when I needed to transfer some cash to my friends, I ended uptravelling a distance of more than 8kms (from my home) to reach the bank. After reaching my destination, I had to be part of a long queue to transfer cash. My turn came well after an hour. I saw people, including senior citizens, standing behind me for more than an hour. That is when I realised that there lies a huge problem in our banking sector. Bank related processes in rural areas are fairly daunting and this is indeed a serious concern for the people living in rural areas. I instantly decided that I must try to do something that would change the system. I decided to develop a payment platform, which would help fix payment issues for all. I was determined to make a positive difference for my society and finally arrived at the decision of developing a software with API integration with all the services. At that point of time, I was not financially strong to start my business. So I took help from my friends and borrowed some money. And then finally, I launched the application HookoluPay, which is essentially a B2B payment platform that envisages achieving financial inclusion in the unbanked areas of India. HookoluPay secures digital payment services. Meanwhile, I got selected for incubation under Assam Startup (The Nest) in Cohort 1.0. Since then, we have got all the support from Assam Startup and IIM Calcutta Innovation Park. And today we have emerged as North-East India's first fintech company with all FI solutions. I am saying we while referring to HookoluPay as there is a dedicated team supporting me with the operations. I am from Joypur (Naharkatiya). It is a very small place in Assam where the banking system is not very good. Consequently, we face numerous problems while transferring money and depositing and withdrawing cash. Given my insights into the specific challenges we (I and my team) are combining finance and technology to provide FI solutions primarily to rural areas. Our service bouquet includes kiosk ATMs to withdraw and deposit cash, a platform for transferring money, payment of bills, account opening, travel support, Pan Card, AePS withdrawal and many more. In this way, we are not only solving the problems of people but also creating village level entrepreneurs (VLE).

Please elaborate on your entrepreneurial journey and state the challenges that you faced. How did you overcome these challenges and arrive at milestones? What is your vision going forward? I actually started my entrepreneurial journey while I was in college, with my first Startup named Youngistaan Palace - Earn while you Learn Programme. It was an offline computer course for school and college students. When students refer their friends, they earn money. I ran this business for 3 years at a stretch and managed a positive cash flow every year. Meanwhile, I completed my graduation in 2010. After that I discontinued the Startup as I had to do my Masters. After completing my Masters, I wanted to gain some corporate experience. So I joined the finance industry and continued till 2016. I started my second startup by the name of Hookolu.com. It was a Merchant's Listing Portal and customers got discounts through our membership cards. We had on-boarded more than 1000 merchants and 3000 users in two years from North East India. Meanwhile, I saw a huge scope in the digital payment industry sparked by demonetisation. In 2018, I started my third and current Startup, HookoluPay, where we are solving the banking problems of rural India through our financial inclusion products/services and digital payments. Challenges were numerous. When I streamlined the business, I was left with no money to pay my software developers. It is very expensive to make the platform and launch it in the market and I had financial constraints. Somehow, I borrowed money from my friends and launched it in the market in September 2018. After launching the platform in the market, we were trying to onboard VLEs and needed working capital, which again was a big challenge for us. But we managed to do this too by undertaking stringent cost cutting measures in many The first year we did very less business and in the second year we got incubated at Assam Startup and IIMCIP. The game changed thereafter. We received great mentorship and physical working space at The Nest. We also received a MASI grant from the Assam Government. The cash flow became positive and now our company valuation is Rs. 100 crores. Our vision to become the first Unicorn from North East India is surely on the right track.

Please explain how Hookolupay operates? Do also explain about the technology. How is it different or similar to other such offerings (worldwide) in the fintech sector? We actually operate throughout India. Our head office is in Guwahati and we have hired a tech team from Delhi. However, our main focus areas are Assam, Mizoram, Tripura, Nagaland, Manipur, Sikkim and Arunachal Pradesh. We also have presence in Delhi, Kerala, Haryana, UP, Bihar, West Bengal etc. Our next focus is to start our regional office in Mumbai and a manufacturing unit in Pune. We are different than other Fintech competitors and banks because we have multi banking products/services on the same platform viz., bank account opening, HookoluPay kiosk ATM- All bank deposit and withdraw. In short we have all types of seamless digital payments on a single platform and many other allied services. Our softPos- 'Payment on AIR' is another innovative payment product where you can collect payments through debit and credit cards (of all banks) from your android mobile without any external hardware terminal.

Please share your observations in terms of how Fintech platforms can give a whole new meaning to Village Level Entrepreneurs. What are your views about the present and future of the Fintech industry? Fintech platforms can change the life of VLEs irrespective of their academic stature. After all, anyone who can operate an android mobile can tap into opportunities and make money. Aspiring VLEs can leverage our fintech solutions and navigate their entrepreneurial journey with considerable ease. Let us look at a few statistics before talking about the future of Fintech in India. Digital payment transactions have increased dramatically, from Rs. 2 trillion in 2019 to Rs. 4 trillion in 2020. From January to August 2021, digital transactions totaled upto Rs. 6 trillion. The value of Fintech transactions is expected to rise from US$ 66 billion in 2019 to US$ 138 billion in 2023 at a CAGR of 20%. As of December 2021, India has over 17 fintech businesses that have achieved the Unicorn Status. So what do these figures and statistics suggest? Fintech firms are changing and remodelling themselves to adapt to future technology to make India the fintech hotspot. India has a mix of fintechs evolving quickly and users are willing to adopt digital platforms. Though the fintech sector in India is growing tremendously, it still needs to learn how to tackle the issues that might arise when these companies expand beyond the urban areas. What we see today is merely a speck on the canvas, and things are just beginning to change.

Do share a little about your academic background, previous work experience and family background. Also tell us something about your hobbies and interests. I completed my BCom and MBA in marketing and finance. I have 15 years experience in the education and finance industry. My father is a retired businessman and my mother is a director in our company. I have two elder siblings a sister and brother. My brother too is a director in our company. Travelling and meeting new people are my hobbies. I have a keen interest to develop new things and come up with innovative products and solutions. It is my passion to come up with innovative solutions to minimize the problems that individuals and the society at large faces.

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