From Math Enthusiast to Soptle CEO: Revolutionizing Fintech and Bridging India’s Credit Gap
CXOToday has engaged in an exclusive interview with Mr. Pravas Chandragiri, Founder & CEO at Soptle
- How did your journey from math enthusiast to Soptle CEO begin, and what inspired your early entry into fintech?
Ans. My journey from being a math enthusiast to the CEO of Soptle began with my deep passion for numbers and a strong desire to address the pressing issue of the credit gap faced by underserved small businesses in India. The challenge these businesses encountered in accessing capital inspired me to establish Soptle in 2021. I envisioned a fintech startup that would revolutionize the financial well-being of small and medium enterprises. By blending advanced technology with customized financial solutions, we’ve rapidly grown into a prominent player in the industry. My early entry into fintech was motivated by the urgent need to empower small businesses, given their significant contribution to the economy but limited access to credit. My unwavering commitment and vision have propelled Soptle to reshape the financial landscape for these vital businesses, making a meaningful impact in just a few short years.
2. What factors drove Soptle’s rapid growth to a monthly GLV of $120 million, and how has technology facilitated this achievement?
Ans. Our rapid growth to a monthly Gross Loan Value (GLV) of $1,20 million at Soptle can be attributed to several pivotal factors. Firstly, we’ve made it our mission to address the substantial credit gap faced by small and medium enterprises (SMEs) in India, tapping into a vast market with significant demand. Secondly, our innovative use of technology, incorporating advanced data analytics and streamlined lending processes, has been instrumental in efficiently assessing and serving a large number of SMEs. Moreover, our commitment to providing tailored financial solutions, flexibility in loan products, and a seamless digital platform has resonated with a broad customer base. The invaluable support of prominent investors and our visionary leadership team has further fueled this remarkable growth, propelling Soptle to reshape the financial landscape for SMEs in India.
3. How is Soptle addressing India’s $530 billion MSME credit gap, and what challenges have you faced in pursuing this mission?
Ans. At Soptle, we are addressing India’s substantial $530 billion MSME credit gap by leveraging innovative technology and tailored financial solutions. We focus on providing efficient and accessible credit options for small and medium enterprises. However, we have encountered challenges along the way, including navigating the complex regulatory landscape and managing risk in lending to a diverse customer base. Building trust and credibility has been another hurdle, as many SMEs are accustomed to traditional banking. Despite these challenges, our commitment to empowering SMEs and our use of advanced technology have enabled us to make significant strides in reshaping the financial landscape for this vital sector.
4. How does Soptle’s focus on customer satisfaction contribute to its success, and can you share specific customer-centric strategies that have worked well?
Ans. At Soptle, our unwavering focus on customer satisfaction is integral to our success. We believe that satisfied customers are not only more likely to return but also to recommend our services, fostering growth. Our customer-centric strategies include offering personalized financial solutions that align with the unique needs of each business, ensuring transparent communication, and providing responsive and supportive customer service. We actively seek feedback and continuously improve our offerings based on customer input. This approach has not only enhanced customer retention but also fostered a sense of trust, resulting in positive word-of-mouth referrals and contributing significantly to our success.
5. What core values guide Soptle’s business operations, and how do they influence the company’s growth and decision-making?
Ans. At Soptle, our core values are the compass that guides our business operations. Integrity is at the heart of everything we do; it drives transparent and trustworthy relationships with both customers and investors. Customer-centricity is another fundamental value, influencing our decisions and leading to personalized solutions that enhance customer satisfaction. Innovation is embedded in our DNA, propelling us to constantly explore advanced technologies and better ways to serve our customers. We value collaboration and teamwork, fostering a culture of creativity and shared goals. These core values have not only facilitated our rapid growth but also underpin our decision-making processes, ensuring that we remain committed to our mission of reshaping India’s financial landscape for small and medium enterprises.
6. What lessons have you learned as a young CEO, and what advice do you have for fellow entrepreneurs in fintech?
Ans. As a young CEO in the fintech industry, I’ve learned valuable lessons. First, adaptability is key in an ever-changing landscape. Be open to change and innovation. Second, don’t underestimate the importance of a strong team. Surround yourself with talented individuals who share your vision. Third, build strong relationships with investors; their support is invaluable. Lastly, embrace the challenges and setbacks, as they often provide the most valuable learning experiences. My advice to fellow fintech entrepreneurs is to stay laser-focused on solving a real problem, prioritize customer needs, and continually seek opportunities to learn and grow. Remember that resilience and perseverance are your best allies in this dynamic industry.
7. Can you outline the strategies driving Soptle’s expansion into new markets and products, and which markets or products are you most enthusiastic about?
Ans. Our expansion at Soptle is driven by a multi-faceted strategy. We prioritize market research to identify regions with similar credit access challenges to India, making them suitable for our solutions. We focus on adapting our services to local needs and regulations, ensuring seamless integration into new markets. Additionally, we continually innovate our product offerings, such as exploring partnerships with fintech and banking institutions to expand our portfolio. We’re particularly enthusiastic about entering markets with underserved SMEs and high growth potential. Additionally, we see great promise in further enhancing our digital platform to provide a wider range of financial services that cater to diverse customer needs.
8. How do you envision Soptle impacting the broader fintech industry, fostering competition, and driving innovation in lending?
Ans. I envision Soptle making a substantial impact on the broader fintech industry by setting a precedent for innovation in lending and financial inclusion. We aim to foster competition by showcasing the success of tailored solutions for SMEs, encouraging other players to follow suit. Our commitment to technology-driven efficiency and customer-centricity will push industry standards, motivating competitors to embrace advanced analytics and responsive service. Overall, Soptle seeks to be a catalyst for positive change, driving innovation that ultimately benefits not only our customers but the fintech industry as a whole.
