KADKI is your secure financial broker that lends you money for your urgent month end needs
Just like every idea, it came up with an experience. The name itself speaks; Kadki – which literally means ‘short term financial crisis’, is a go-to website for the needy to carry out their month ends properly. It is the brainchild of Mr. Purushottam Kadam and his business partner, Mr. Akshay Prakash Chavan. The idea was conceived by their personal experiences.
Quick glimpse into the founders
With five years of experience which includes working in BPO, real estate, sales and marketing, Purushottam earned enough but he also had to face monetary problems. In the process, he observed everyone facing these problems no matter how much they are earning a month. Fortunately, Purushottam and Akshay always used to lend a helping hand to their common friends and acquaintances. The receivers’ feedback used to be beyond thankfulness. One day, a friend who approached them and asked for financial assistance as he had a medical emergency. Since the amount was huge, they couldn’t help but could only able to hand him a contact of a money-lender who gives at a 10% interest rate. This incident planted the seed. The friend who asked for support has a 30K paying job and he couldn’t help himself for 10K.
Isn’t that what happens to everyone? Emergencies may arise anytime; but to sustain a living in that period is tougher with what we earn a whole month apart from all our expenses in a month. That incident made them think and they recollected all the instances where friends used to come up to them and vice versa. This Eureka moment of Purushottam leads him into thoughts and he said to himself, “if our “n” number of working friends can believe in us to lend a helping hand in their financial crisis, so can we help others as well.” And when four years ago, when Purushottam and Akshay met at a common friend’s birthday party, discussions over the idea took place and the result was to work step after step and finally founded themselves as the founders of www.kadki.in
No doubt, they also faced challenges at the start. The company is a financial help and they are more risks to forego. It is a first of its kind and there is no instance that a company assisting people at the end of the month. With the likes of banks, money lenders, credit cards which also offer financial help and there is quite a less probability that people look up to a start-up or a company that is recently established. The time that takes to build the trust in a promising market like this would be huge and kadki has sustained it all.
As we had our friends whom we’d helped previously, we could initially stand up with their inspiration and support. Then, we saw ourselves from a customer perspective and got things clear as to what they expect and how we should meet their expectations and in which way.
Any financial institution utilizes most of the time in the initial processing which tests the customers’ patience and this makes most customers to approach money lenders. Keeping that in mind, Kadki developed a software where one only has to fill very basic data which are at their fingertips to save their time.
Now, once the request is received, executives from Kadki approach them with a phone call and procedure begins. The specialty of kadki is that they make sure that the customer receives the money within 24 hours with all procedures done.
In this young India, where youth is predominant, there will be many instances where they couldn’t have been able to meet their needs in the month-ends. For all those, kadki can be their secure financial broker which aims to provide a quick, safe and simple experience. According to a report, many of the employed fall short of money at the month-end when they go out of the routine like Medical Emergencies, Trips, Vacation, EMI payment due date mismatch etc.,
Since the founders have experienced all these in the past, they are confident to help a person out of cash and also short-term financial loans. Their main focus is on the month end period, where a person goes out of cash, in many cases.
Mr. Purushottam says, “Our aim is to grow in India by dominating the short-term lending business for short-period by offering the quickest and better service and also be beneficial to the customers economically on the lines of interest rate.”
He adds that they are bringing down the high-flying interest rates of the local money lenders thereby providing opportunity to all to join them in the process.
He stated, “We are reducing the expensiveness with the utilization of technology and effective management.”
When asked about how exactly Kadki works for customers, he replies,
“When one needs money from kadki.in, all he/she has to do is visit our website www.kadki.in and apply for a loan. The customer receives an email from us and all he/she has to do fills in their basic details and attach the required documents. Within 24 hours, our executive visits the customer’s place. The customer needs to sign the loan agreement and hand over a PDC check to our executive. After signing the agreement, within 10 minutes, money is transferred into the customer’s salary bank account. It is as simple as that.”
Right now, they are a small team based in Pune with two co-founders – Mr. Purushottam Rameshwar Kadam (22) having 2 years of experience in Real Estate and Freelancing also 3 years of experience at AE Credit Card & Kotak Mahindra Bank, previously ING Vysya; Mr. Akshay Prakash Chavan (21), an IT grad from VIT College, Pune.
Started with only 10 – 20 customers eight months ago, they are now strengthened by more than 600 satisfied customers with almost 100 pending requests. Mr. Purushottam claims, “We’re going with 99 % repayment rate since last 6 months where we’ve faced only few cheque bounces but not a single default. The cheque bounced clients paid us the amount with late fees & cheque bounce charges on their next month salary. We’re generating good revenues, within few months we will be able to get to the break-even mark.”
When asked about the future landmarks in their way, Mr. Purushottam says, “We got excellent responses from our targeted customers; a response that made us hold our marketing for few days in order to control the new requests traffic.
Presently, we are in search for investors, as this is a business of finance. We cannot perform longer without having enough funds in our kitty. Also to develop our software and to bring in the advance technology with fraud control systems like bio-metrics & Aadhar linking, we need funding with 2 months’ time to develop the system to advance level as all the blueprints are set. We are open to have discussions with all type of investors specially who have the experience of growing the financial company or bank from small-scale to the national/international level as we want to reach maximum places at a higher pace.
We are at the stage of more customer acquisition in Pune & expanding ourselves in cities like Bengaluru, Delhi, Mumbai, etc.”
Mr. Purushottam and his team have girded up their loins for a promising future.
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