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thriving fintech industry veteran, based out Coine is growing strong with Secondly, due to their large
of Hyderabad, India, Manikanta Racharla is a 66-member team and customers branch network and employee-base,
the founder of Coine, a Hyderabad-based proliferated from across Kashmir banks have a heavy cost structure.
start-up aimed at building an ecosystem for to Kanyakumari. The company They need a certain size for the
Manikanta Racharla across socio-economically disadvantaged ₹30,000) with a simplified process Again, most people are unable to
loan to be economically viable.
offers small-ticket loans (₹1000 -
making credit easily accessible to people
sections of India, bridging the gap with
especially crafted for low-earning,
borrow and afford to repay a loan
digital lending. Conferred with Under underprivileged customers. 99% of of 1 lakh or more, which further
30 Raising Entrepreneurs award, Coine’s customers are new-to-credit perpetuates informal money-lending
Manikanta along with his co- and tech-savvy, coming from socio- at astronomical rates, making Coine
founders has led the company to economically disadvantaged regions very relevant in the current scenario.
portray a staggering growth within 18 months of of the nation as opposed to the Responding to a question on loan
its inception, driving its value to 140 crores with his traditionally-designed existing lending recovery, Manikanta states that we have
Having roots in a middle-class strategic leadership and futuristic approach. platforms modelled for high-earning designed the system in such a way that
Racharla’s illustrious career spans across the
family, Manikanta says the establishments of 4 innovative start-ups including individuals primarily targeted at urban the Income, expenses and liabilities of
the Loan applicant is analysed using
geographies.
mission of Coine is to enable their his earlier founded company, Payfix in 2013, followed Coine’s roots emerge from the Machine Learning algorithms and this
users with access to financial by ShopTap, a cutting-edge social e-commerce necessity to resolve a real-world cash flow information comes to the
fore whether applicant is in a position
problem stemming from a real-life
company in 2016, Nytro an automotive tech
inclusion products – basic no-frills company founded in 2018 and Coine, a pioneering experience. In a special conversation to pay EMI or not but proud to share
banking account, saving products AI-based lending company founded in 2020. with Dinesh Anand on Zoom Call, that our loan recovery rate is 98%.
Manikanta shared that close to 90
Showcasing a phenomenal upturn, Coine has
Manikanta, whose root is in the
(investments, pension), simple credit won the prestigious Indian Achievers Award for percent of Indians don’t have access middle class family, says the mission
products, and micro insurances to Most Promising Start-up in 2022. Having been to formal credit while approximately of Coine is to enable their users with
access to financial inclusion products
81 percent of employees in India
established of late (2020), the startup has already
provide a safety net in the event of onboarded 1,65,000 users from 630 towns and work in the informal sector according – basic no-frills banking account,
a financial shock. villages across 28 states in India and processed over to a report by World Bank. saving products (investments,
Credit underwriting is the most
pension), simple credit products, and
75,000 loans so far.
challenging phase of a loan cycle, micro insurances to provide a safety
while access to credit is restricted net in the event of a financial shock.
for most of India’s population. The They can give people the choice
problem ensues from two imperative and economic freedom to do with
Racharla’s illustrious career spans across factors - most of the population has their lives what they choose, or at the
the establishments of 4 innovative start-ups no formal borrowing history and thus very least, fulfill important lifecycle
events. Coine aspires to become a
no bureau (CIBIL) score making that
including his earlier founded company, section potentially invisible to banks. digital Bharath bank with a vision to
Payfix in 2013, followed by ShopTap, a Due to the dearth of information enable every Indian to access financial
on the borrower, the banks ask for
inclusion products and transform
cutting-edge social e-commerce company in collateral, which is how most lending their lives. Their belief is that access is
2016, Nytro an automotive tech company is secured. Unlike the traditional a right, not a privilege.
All you need is a phone to unlock
underwriting processes that depend
founded in 2018 and Coine, a pioneering on Credit Bureau scores, Coine’s the power of financial tools designed
AI-based lending company founded in 2020 unique proposition is that it uses to help you succeed. In everything
Artificial Intelligence and Machine they do, they put people first, and they
Learning for underwriting credit. aren’t afraid to pioneer. Starting today!