Great Companies: How did you get your idea or concept for the business?
Pathikrit Dasgupta: We started our business by offering Fee Collection platforms to Educational Institutions. Our focus was to provide services to government-owned educational institutions. In this process, we identified a gap in the products available in the market. The existing offerings were not exactly solving the problem, as they offered exclusive solutions that excluded the most vulnerable members of society. As a result, we decided to develop a new product suite that ensures 100% payer inclusivity. Additionally, the built-in inclusivity benefits corporates and e-commerce platforms by providing an integrated payment platform with all available payment options.
To make this more scalable, we decided to tie up with Banks in India. After the Education segment, we decided to offer the services to Government Departments, and Hospitals.
Great Companies: What are the various Services provided by SabPaisa?
Pathikrit Dasgupta: SabPaisa (SRS Live Technologies), is a rapidly growing fin-tech company that has developed as the World’s First API Driven Unified Payment Platform. SabPaisa has its headquarters in New Delhi, with one corporate office in Kolkata and seven other regional offices.
For businesses, Payments are not mere transactions, payments bind multiple workflows including inventories, supply chain, logistics, delivery, messaging, customer payments, vendor payouts, EMI, etc. SabPaisa has worked closely with such complex businesses and business houses. The comprehensive APIs built around all workflows ensure that the Payments life cycle is complete, and has solutions from Payment Collection to Payouts and workflow APIs, all in one place. SabPaisa Product Suite enables businesses to build marketplaces over SabPaisa APIs, seamlessly integrated with the world's largest Payment Gateway Checkout.
Great Companies: What makes SabPaisa different from hundreds of other similar service providers?
Pathikrit Dasgupta:
SabPaisa has developed as the World’s First API Driven Unified Payment Platform.
The only payment gateway whose checkout page has all payment options: from online options like Cards, Net-banking, UPI, and Wallets to offline options like e-Cash, e-NEFT & Bharat QR.
● Our offline mode enables payment collection through Cash and instruments with almost 10 Lac Cash Counters across India, which is unmatched by any other player.
● The Untapped need that we cater to is Inclusivity; covering all sections of society, may it be Rich or Poor, Banked or Unbanked, and specially-abled.
● SabPaisa believes in 100% Digital; 100% Inclusive; 100% Freedom
● SabPaisa’s payments and collection application suite – white labeled to multiple public sectors and private banks including BOI, BOB, IDFC First & Indian Bank – has already processed more than INR 43.5 Billion. A figure that will grow exponentially over the next several months as SabPaisa’s payment applications continue to penetrate the fastest-growing segment of the data and payment digitization sector.
Great Companies: What are the struggles and challenges you face?
Pathikrit Dasgupta: We are a bootstrapped company from the beginning. We faced the same struggles and challenges faced by any other bootstrapped company. We tried innovative solutions to overcome the challenges of meeting expenditures, and recruiting employees.
Since we started with the Government Education segment, the team had to face a long turnaround time in signing up the first few customers.
Additionally, we faced challenges while trying to tie up with large banks, as we didn't have any balance sheet, and other mandatory documents required to get affiliated with a bank. Despite the difficulties, the tie-up was a success because of the unique value proposition we brought to the table. The certifications we received from the Department of Industrial Policy and Promotion (DIPP), and the Center For Innovation, Incubation, and Entrepreneurship IIMA, helped us to some extent in overcoming the initial hurdles. Our unique offerings and tie-up with the banks made our challenges disappear faster.
Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for SabPaisa?
Pathikrit Dasgupta: SabPaisa will continue to strengthen the existing product suite and increase the collaboration with the Banks.
SabPaisa will also launch innovative API platforms to make banking more inclusive for the entire population of India. Digital India will be truly successful when we make the services offered by the Government and Corporates reach out to every strata of society. To achieve this goal, we will continue to provide more inclusive solutions.
Great Companies: If you had one piece of advice to someone just starting out, what would it be?
Pathikrit Dasgupta: Before launching the product, plan well about the Go To Market (GTM) Strategy. Ensure that the GTM you are adopting will ensure scalability, burn less cash, and provide enough value proposition to attract valuable partners.
Website : https://sabpaisa.in/