CredMate Shark Tank India
The way the founders of the CredMate app pitched their brand, was super entertaining and interesting.
Anupam Mittal was totally impressed by Gaurav Kundra’s (one of the founders) acting skills. He also joked that he should probably invest in their business just for the sake of hearing his jokes.
Even though they failed to cinch any deal from the sharks, Vineeta Singh praised them, saying that coming from Ludhiana, they have done an amazing job of building this app.
Let us check out what the CredMate app is all about.
CredMate App Kya he
They are basically working on the principle of MSME.
MSME is a portal designed by the government where mico, medium, and small enterprises can file their grievance online regarding delayed payments. Till now they are only able to solve 12,000 thousand cases.
This is where Credmate comes into the picture, they want to organize this sector where MSME had failed.
Since there are many small and medium enterprises in India that do not follow an official process of paperwork while borrowing or lending, there is no official data about these defaulters.
When these enterprises do transactions using this app, it collects all the data regarding the habitual defaulters. It gives the opportunity to the lenders to do a background check. This way they will know whether the person who is asking for money is a regular defaulter or not, and accordingly, decide whether they want to lend them money or not.
Till now they have more than 3 lakh registered users and more than ₹18,000 crore deals.
How does this app work?
First, Download the app.
Fill in all the basic details, like name PAN card number, Aadhar card number, etc.
Now if you want to borrow money for your business, you have to reach out to the lender from whom you want to borrow money. You have to fill in how much money you want and on which date you will return the money back.
After filling in all the details, a notification will be sent to the lender. He can now check the past history of the borrower, (for first-time borrowers this information won’t be available) whether he is a regular defaulter or not.
Based on the history the lender can decide whether he wants to lend money. If he wants to lend money, then he will receive an OTP.
Now, when the borrower will pay the money back, the lender can give that OTP to the borrower. The borrower has to then feed this OTP into the credit request and the transaction will be complete.
If the borrower pays on time, then the borrower’s credit score in the app will be: ON TIME
If the borrower delays, in the app, the credit score will go to RESCHEDULE.
If the payment is delayed and settled after a long time, the credit score will be DELAYED & SETTLED.
If the borrower does not pay, his credit score will be DEFAULT.
They have a timeline option, in which you can see the list of habitual defaulters.
Note: There is no actual money transaction happening through this app.
Sales Of Credmate
Their revenue comes from KYC charges, for this, the user has to pay ₹50 and the cost to the company is ₹5.
Their total sales when they appeared on Shark Tank was ₹12,000 lakhs.
In the future, they will adopt Cash Burn Model. This basically means that whatever profit and funding they get will be spent on customer acquisition and retention.
They also plan to earn money from ads.
To date, they have made 1,170 transactions.
They have however had no data on the number of active users or the daily transaction. Because of this Namita, Aman and Peyush lost their interest in the pitch.
Gaurav Kundra completed his BBA in 2014. Since 2012 he was selling IT and services goods imported from China.
He also studied the finance Executive course at IIT Delhi in 2022.
Gaurav Sharma completed his electronic engineering in 1975. After that, he had his business in IT, Hardware, and Software Solutions.
They met each other at a wedding and while discussing they came to know that, the same person has borrowed money from both of them and did not return back. So they came up with the idea to develop an app that allows lenders to check the credit history of the borrowers.
Credmate Fintech Pvt. Ltd.
This company was founded by Gaurav Sharma (one of the founders of the Credmate App).
Credmate Fintech Private Limited is a Private incorporated on 26 September 2021. It is classified as a Non-govt company and is registered at Registrar of Companies, Chandigarh. Its authorized share capital is ₹1,500,000 and its paid-up capital is ₹100,000.
It is involved in Other computer-related activities [for example maintenance of websites of other firms/ creation of multimedia presentations for other firms etc.
Credmate App Reviews
The interesting features of the app give you a smooth borrowing and lending experience.
Contact Credmate Here:
Funding asked from the sharks
₹50 lahks for 5% equity.
They failed to receive any deal from the sharks.
What do you think? will this app be successful in organizing the sector of unofficial borrowing and lending happening in our country?
Will this app manage to safeguard the money of the lenders from defaulters? We would love to know your thoughts about it in the comments section.