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Dhansamruddhi Innovations:  Technology Based Credit Solutions to Under-banked Population of India

Dhansamruddhi Innovations: Technology Based Credit Solutions to Under-banked Population of India

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Narendra Nesarikar, Founder,Deepak Nesarikar, COO

Narendra Nesarikar, Founder

Deepak Nesarikar, COO

It all started when Deepak Nesarikar and his friend started a business of providing affordable houses to a lower-income group called ‘Gruhaa’. Although ‘Gruhaa’ was able to lower the house construction cost by 40 percent due to their innovative hollow interlocking bricks, the lower income group families were facing the issue of getting home loans. Deepak with his partner met top management personnel of many MFI based out of Bangalore and Mumbai, but no one was ready to finance to ‘Gruhaa’ housing customers.

This exposed the ‘Gruhaa’ team to another big market gap that was related to financing products which were tailor-made for the lower income group. In order to make ‘Gruhaa’ successful, Deepak along with Narendra ventured into a social cause that could improve the lifestyle of the lower-income group. Both together established a firm in the financial space called Dhansamruddhi Innovations.

There is almost 7 crore dilapidated houses in India, as per the census 2011. Also only 70 lakhs credit card are issued by the banks. Considering these huge untapped market, On June 2017, the company launched its first two products – one, the home loans for both individuals and groups and the other one is in the line of credit. Currently, Dhansamruddhi is focusing on its small ticket size line of credit product– ‘App-based Credit Card’. It is essentially a credit line given to the salaried persons and small business owners who are not eligible for the bank’s credit card, even though having good credit history.

Dhansamruddhi through its play store app does completely paperless appraisal of the client by gathering more than 50 data points including credit bureau reports and on-field verification. The starting limit depends on the income cycle of the borrower, but with the assurance of increase of limit after every 5 bills, has made this product a success in the market of Pune. Dhansamruddhi has received
almost 300 applications within a span of 30 days after the launch of the app.

Dhansamruddhi Innovations technology driven platform is said to provide a perfect infrastructure to be able to effortlessly cater services to lower-income group


The company follows background verification methodologies before providing a loan to its customers and has tied up with the credit bureau Highmark and other credit verification agencies for on-field verification. The reason behind the company being a little conservative at the moment is that they don’t want to have any default in their hands at their initial stages. So far, the results have been astonishing as they have 100 percent repayment rate.

Opportunity for Better Life
Currently, Dhansamruddhi is acting as a unique peer-to-peer lending platform bridging the gap between the lenders and the borrowers – also having 6 lakhs of outstanding for the line-of-credit product. The product way ahead of its time is going through an innovative phase and is said to impact the market by delivering financial aid to people at their doorsteps across geographies.

“People are very excited about getting a loan. In fact, who isn’t excited about getting a loan, at very low-interest rates? The reason behind us charging low-interest rate slightly lesser than our competitors is, because, we want people of lower-income to come forward and explore their true potential,” avers Narendra

Dhanasamruddhi is a company that encourages socially responsible investing, that is, “While we are investing and getting returns on your money, we are also helping those in need of funding to expand their businesses to scale greater heights, and it is not just to buy clothes or spends unnecessarily,” adds Deepak

Dhansamruddhi later wishes to convert themselves into a full-fledged NBFC to fill the market gaps, which prevents lower income group from increasing their standard of living. In addition to this, the company has also identified 3 more big market gaps which will be addressed by technology-driven financial innovations in the coming year.
Technology Built to Escalate Lower-Income Group
Based in Pune, Dhanasamruddhi is soon to enter Mumbai & Bangalore. Their technology driven business provide a perfect infrastructure to be able to effortlessly cater services to lower-income people. The company keeping its team lean at the moment is focusing on delivering quality outcomes through their products and services.“Currently, the scenario is such that, banks don’t approve a loan to people who have lower-income. Hence, we are coming to their rescue and our technology platform will definitely help sustain the entire ecosystem,” concludes Narendra.



From a Local Saloon Shop
Hanumant, a barber, and a saloon shop owner. His business is positioned in such a way that he earns only on the weekends, which makes him hard to manage the household cash flows on the weekdays. But, at present, the situation has entirely changed as he can easily manage his money any time throughout the week to fulfill his cash flow and working capital issues all thanks to Dhansamruddhi mobile credit card.

to a Brick and Mortar setup
Manchhala and Ramesh Gaikwad, a cloth shop owners always required liquidity cash to purchase additional inventory, especially during the festive seasons. Lack of working capital affected their business tremendously. Most often, in such a situation, they resorted on borrowing the money from lenders at very high-interest rates. But now they have a dependable source of loans through mobile credit card.

and an upcoming Hotel next door…
Anuradha, a resident of Pune, Hadapsar Area owned a hotel business. She along with her husband runs a well-settled hotel business with a monthly turnover of INR 30,000. Although the family has a good income source, they live in the rented house, which makes them ineligible for any kind of unsecured loans and credit card. Dhansamruddhi came to their rescue, where they did a thorough background check and approved them a mobile credit card.