Great Companies: How did you get your idea or concept for the business?
Vishal Yadav: In 2020 there were 4.09 crores Demat accounts out of which 75% were inactive. Post covid-19 pandemic the number of Demat accounts has grown to 8.9 crores in 2022. However, most of these newly created accounts will go inactive within 2 years. As regular investment requires consistent efforts and money hence users are unable to be regular with their investment. I also faced a similar kind of situation where I had a Demat account but due to effort and the lack of knowledge, I lost interest and was not regular with my investment. So I thought there might be an easier way to be consistent.
Great Companies: What are the various services provided by Arth Sense?
Vishal Yadav: ArthSense is an AI-enabled personal finance assistant that helps you build
THE THREE PILLARS OF WEALTH CREATION
TO PLUG MONEY LEAKAGES
TO SAVE CONSISTENTLY
TO INVEST CONSISTENTLY
It provides an alternative mechanism similar to SIP but it is much more flexible and automated. So people who stop investing due to a lack of time or money can continue to save and invest without much effort or change in their lifestyle.
Great Companies: What makes Arth Sense different from hundreds of other similar service providers?
Vishal Yadav:
There are not many products available in the market like ours. We are among the first. Our USP is to make users regular on their savings and investment without changing their lifestyle.
Great Companies: What are the struggles and challenges you face?
Vishal Yadav: Being a financial domain product, building a trustable brand is the first challenge. As this service is rather new educating users is another big challenge. Apart from this, many features that we want to build, are subjected to regulatory approvals which add up to the complexity, time, and cost. Building a great user experience has been quite a challenge due to regulations.
Great Companies: How do you plan to grow in the future? What do 5 years down the line look like for Arth Sense?
Vishal Yadav: We have not raised any funds so far. We intend to let it grow organically. It is slow but most suitable for our present needs and capabilities. We want to reach 1 lakh, active users, in the coming 3 years and want to manage 5 lakh active users in 5 years.
Great Companies: If you had one piece of advice for someone just starting out, what would it be?
Vishal Yadav: 99% of startups eventually fail within 3 to 5 years. So knowing the reason why are you starting something is crucial. Once the reason is clear it gets possible to struggle and strive for it. Even if it takes a long time. A founder needs to be very honest with himself/herself.