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Capex up 2X, Opex up 3X, Topline up 4X

MyMoneyMantra will soon be launching a B2B2C app which will transform the way business is generated:

Capex up 2X, Opex up 3X, Topline up 4X is India’s leading FinServe marketplace. It is a one-stop destination to search for the competitive home loans, personal loans and credit cards in India. Raj Khosla, a Chartered Accountant, worked overseas with KPMG for 2 years and practiced professionally in Delhi for a decade before founding MyMoneyMantra (MMM) in 1989. His visionary and pioneering effort helped set the tone for a flourishing distribution.

Digital Edge In Competition

MyMoneyMantra’s digital strategy focuses on leveraging technology to magnify the business and its performance. The strategy which was laid out earlier, is now helping MMM realize its goals. Technology has enabled the company to serve customers in every nook and corner of the country. Raj Khosla, Founder and MD,, claims: “The digital approach has helped us gain a substantial edge over competitors. Technology has played a crucial role, which has changed our business processes and has helped in several innovations, which were earlier not possible. We are moving towards a consolidation of digital strategies, digital transformations and business strategies.”

API, Mobile First, Tech Stack

MyMoneyMantra is open to adopting change and hence it practices agile methodology across projects and deliverables. The company has been applying API and mobile first approach to its platform. It has seen a 3X increase in usage on its digital platforms in 2021 as compared to 2020. Khosla explains: “Our technology stack includes microservices architecture for business domains; web APIs leveraging Spring Cloud Framework; state of the art Content Management System; Reliable RDBMS Database (Oracle) and Data Lake and Data Warehouse hosted on AWS. Our customized & integrated CRM is getting all leads tracked and help in seamless loan/card fulfilment journey for customers. Recommendation engine is empowering credit origination from MMM platforms, based on customer’s financial worthiness and customized partner (banks /FIs) offers. In the current year we are expecting usage on our digital platforms to further double up.”

Digital Biz: Plans To Scale Up

Digital adoption is growing exponentially across India over the past year. The covid restrictions and lockdowns gave impetus to new technologies, new customer journeys and more contactless operations in the financial services industry. is celebrating 30 extra-ordinary years in the business. The company has been profitable since its inception in 1989 and it is clocking 25-30% CAGR. It saw digital loan disbursements across 700 cities, pan-India with a network of 100+ banks and NBFCs. The top 3 geographic contributions come from Karnataka, Delhi NCR and Maharashtra.

More than 60% of the current business is digitally originated. Khosla believe this adoption trend will continue as the company grows and scale volumes. Over the last 5 years, it has originated more than $5 billion worth of financial services products through its platform. He sees a perfect balance between scale and profitability, as he plans to achieve Rs5.3 billion in top line by 2023 on the strength of technological prowess.

CRM, Third Party Platforms

With technological innovation at the core of its initiatives, MyMoneyMantra has been able to launch more than 20 new products/processes serving an ever-increasing customer base on a nation-wide basis. Such outreach results in more underserved customers into the financial/credit fold. The un-assisted small ticket personal loans of MMM have seen 10X growth in the current financial year.

MyMoneyMantra has incorporated multiple digital initiatives across the entire customer cycle of acquisition of a financial product from a bank, NBFC or a fintech. On the back of intelligent insights provided by data science, MMM has been able to deliver the most personalized financial product offerings to its continuously expanding customer-base. This is done by leveraging advanced analytics on the internal data lake, resulting in offering products which match individual customer requirements.

These digital initiatives have led to the manifold increase in customer acquisition numbers, accompanied by enhanced customer experience. “With all focus and unidirectional approach, we have enabled our customers to have end-to-end unassisted journey, which leads to easy and seamless customer experience. Needless to add, a much swifter turnaround time, has contributed to customer delight. Our customer relationship management (CRM) has integrations into 3rd party platforms to provide customer convenience, including functionalities like financial statement analyser, loan calculators, eligibility reviews, pre-qualified product offers and ideal loan burden calculator etc,” elucidates Khosla.

Team, Partners, Opex, Capex

MMM has a large in-house technology team, which is ably supported by its outsourced technology partners. The technology group manages its software, infra, analytics, CRM, telephony and data resources. The company has been very aggressive in growing its digital footprint. Khosla informs: “In support of ever-increasing business demands, we continue to increase our technology personnel. Data is the fuel for all businesses, and accordingly, we have on-boarded a great talent pool for data analytics. It may be pertinent to note that our current staff strength is 20% lower than pre-covid levels, whereas our top-line in the same period has quadrupled. We have an embedded culture of constant learning and cross-functional training. We encourage our team members to set steep targets and push themselves to achieve the same.”

MMM’s opex has grown by 3X and our capex has grown in 2X compared to the previous year. It has engaged with its financial partners with systems integrations to have scale, performance and penetration.

Reach On Social Media

Customer satisfaction has always been at the centre of all strategy and processes at MMM. Social media is a great place to stay connected with customer preferences and needs. Furthermore, social platforms are an excellent highway to advise, guide, and recommend latest products, offers and all that helps with their financial education. Khosla underlines: “We ensure our customers are kept informed about all the developments during the entire loan application and disbursement process. In the interests of transparency, customers are empowered with feedback and a right set of information at each stage. We maintain a strong presence on Facebook, Twitter and LinkedIn. Our monthly reach on social platforms is approximately 1.8 million customers.”

Analytics Driven Marketing

MyMoneyMantra has deep domain knowledge across retail financial products, and the company ensures its marketing campaigns are able to deliver best options for all its customers. It has a strong, analytics driven multi-touch approach for its digital marketing and promotional campaigns. This enables MMM to reach out to the right customer at the right time with the perfect offer. With multi-pronged propensity models, the company has witnessed better conversion rates for its digital campaigns. Next year it will continue its focus on scalable automation driven campaigns.

App To Improve Efficiency

Technology will remain one of the pillars of growth for MyMoneyMantra. It leverages technology across multiple domains to provide speed, scale and efficiency. Khosla indicates: “This has helped us grow into newer geographies, offer additional products at a lower cost, coupled with a high-speed fulfilment. In the next few weeks, we are launching a B2B2C app which will transform the way business is generated. The said app will significantly improve productivity and efficiency across the sales hierarchy. We will be able to automate multiple processes and improve the ease of doing business. Above all, the app will ensure quality of operations/documentation/compliances.”

Tech Magic

With its digital and technology initiatives, MyMoneyMantra has been providing a holistic platform for customers to select their best option, and to also enable banks/NBFCs to build quality portfolios which best align with their corporate goals. Khosla assures: “We are continuing investment in digital and technology initiatives leveraging data to increase the business growth 2X of current volumes. These would still be driven by external factors like consumer credit requirements, especially in the post pandemic era and the rate as well as extent of technology absorption by financial institutions. We firmly believe that technology can create ‘magic’ and we continue to invest behind capabilities, which enhance digital journeys that serve the needs of our customers and partner institutions.”

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