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Siply, a micro-savings fintech start-up, has turned profitable in just 2.5 years since its inception.
The tech-enabled micro-savings platform recorded a net profit of Rs 2.12 crore in November.
Established with the aim to drive financial inclusion among blue-collar workers and small business owners, Siply has over 6.3 million registered users. Of this, 3.4 million active users have made over 11.6 million transactions worth Rs 629 crore. The company has also dispersed over 2.19 lakh microloans worth Rs 207 crore.
The average savings per user has also nearly doubled to Rs 2,752 in November, compared to Rs 1,421 in May.
Sousthav Chakrabarty, CEO and co-founder, said the company is working to inculcate the savings behaviour among the masses through sachet financial services, where an investment of Rs 1 can be used to build a more inclusive and financially secure Bharat.
“Our growth is an indicator of how the masses have embraced our sachet services that are meant to be a way forward for their financial freedom,” he said.
The Siply app is available in over 11 languages and provides innovative services such as Micro Credit, Siply Gold Savings Scheme, Siply Gold Jewellery Scheme, Chottastock and more.
The company has turned gold into a micro-savings instrument and has witnessed strong demand for high-denomination savings products such as Siply’s Gold Savings Scheme and Gold Jewellery Scheme.
The company has also observed a 66 times growth in ARPU in the last six months, with average revenue per user increasing to Rs 489 against Rs 7.35 in May.
It has five pilot Seva Kendras across Bengaluru, Mysore, and Belgaum. Overall, the company plans to launch 1,000 branches across 115 cities and hire about 4,000-5,000 employees in the coming years, besides establishing an agency network.
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