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Top 20 Most Inspirational Personalities Of Odisha 2020

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Debi Prasad Sarangi, CEO, iServeU

Debi Prasad Sarangi is the founder & CEO of iServeU, a Bhubaneswar based fintech startup and a DIPP certified company recognized by the StartUp India programme of the Government of India. Committed to making India a financially inclusive society, the company is successfully running several technology solutions in partnership with Banks, NBFCs, Financial Institution Players and Corporate Business Correspondents. iServeU is proud to announce its integration with 10+ major banks in India, 90000+ retailers and 1200 crore transactions processing per month, 25000+ villages across India & 500+ concurrent transactions per second.

iServeU is the only financial inclusion solution provider that is architected on the latest technology stack and is fully micro-services enabled (allowing fully elastic cloud deployment and reducing infra-costs by approximately 80 percent of usual costs). iServeU is associated with major private banks in India like RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, HDFC, ICICI Bank, AXIS Bank and Fino Payments Bank as FI solution providers.

Recently, BSE listed, fintech company Niyogin, has acquired a 51 per cent strategic and controlling stake in iServeU for Rs 592 million ($8 million) in a cash plus stock deal.

Niyogin’s vision is to create a full-stack digital platform for the underserved and bring best in class products and services on the platform. Niyogin has been scaling its unique platform through a network of financial professionals along with products such as wealth, credit and other SaaS-based products that help digitise small businesses.

“We will continue to create value for our existing partners, our banking partners. The partnership with Niyogin will help us to cross sell each other’s products. We are offering an opportunity to migrant labourers to apply for jobs through our platform especially after this Covid crisis. Essentially, we will be connecting the blue collared workers with their employers. Going forward, we will be launching many such products for them in collaboration with Niyogin”, said Sarangi.

iServeU is eyeing a turnover of Rs 100 crore and an enterprise valuation of Rs 300 crore by 2022. Also, over the next two to three years, the company intends to set up more than 10 lakh retail points across the country. The Covid 19 proved to be a blessing in disguise for iServeU. When most of the bank branches were operating at truncated capacity due to restricted manpower, the company recorded a surge in financial transactions. iServeU accounted for 40-50 per cent of the DBT (Direct Benefit Transfer) transactions valued in upwards of Rs 3000 crore over the last six months.

“We will continue to create value for our existing partners, our banking partners. The partnership with Niyogin will help us to cross sell each other’s products. We are offering an opportunity to migrant labourers to apply for jobs through our platform especially after this Covid crisis. Essentially, we will be connecting the blue collared workers with their employers. Going forward, we will be launching many such products for them in collaboration with Niyogin”, said Sarangi.

iServeU is eyeing a turnover of Rs 100 crore and an enterprise valuation of Rs 300 crore by 2022. Also, over the next two to three years, the company intends to set up more than 10 lakh retail points across the country. The Covid 19 proved to be a blessing in disguise for iServeU. When most of the bank branches were operating at truncated capacity due to restricted manpower, the company recorded a surge in financial transactions. iServeU accounted for 40-50 per cent of the DBT (Direct Benefit Transfer) transactions valued in upwards of Rs 3000 crore over the last six months.

Sarangi recalls how he ideated this fintech startup. He admits to have been inspired by Nandan Mohan Nilekani’s quote on Indian banking’s ‘WhatsApp Monment’. He felt that time was ideal to float a fintech company and serve the uncovered banking population across the country.

One of the fastest growing financial technology and solutions providers; disbursing services like Cash Deposit, Cash Withdraw through Aadhaar Number and Debit card/ATM, Micro Lending to Merchants and Bad-Credit masses & Insurance services. Despite the government’s several steps, still there is a huge gap between banks and unbanked/under banked people. 

The company has partnered several FMCG, SMEs, Telecom Distributors, Co-Operative Banks and other distribution networks to reach un-served masses. Our major focused states are Karnataka, Maharashtra, Andhra Pradesh, Gujarat, Rajasthan, Uttar Pradesh, Bihar, Jharkhand, West Bengal and Assam.

Top 20 Most Inspirational Personalities Of Odisha 2020 1

Written By: Dibyajit Sahoo

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