Company Profile: Olyv (formerly SmartCoin Financials Pvt. Ltd.)

Background

Founded in 2016 and rebranded as Olyv in January 2024, the company has evolved from an app-based consumer lending platform to a comprehensive financial wellness provider. Olyv partners with RBI-registered Non-Banking Financial Companies (NBFCs) to offer a suite of financial products, including personal loans, digital gold savings, credit score checks, and insurance. The company's mission is to provide technology-driven financial products that empower the next billion hardworking and underserved Indians, fostering financial inclusion and nurturing their aspirations. Olyv envisions becoming the foremost financial wellness partner for aspiring Indians, delivering unparalleled, hassle-free financial products and empowering millions.

Key Strategic Focus

Olyv's strategic focus centers on leveraging advanced artificial intelligence (AI) and machine learning (ML) technologies to deliver personalized and contextual financial products. The company targets the underbanked and underserved segments across India, aiming to democratize credit access and enhance financial inclusion. By expanding its offerings beyond micro-lending to include digital gold savings, credit health checks, and insurance, Olyv addresses the diverse financial needs of its customers. The platform's AI and ML capabilities enable real-time credit decisioning, facilitating quick loan disbursals and a seamless user experience.

Financials and Funding

As of 2021, Olyv secured INR 80 crore in debt funding from multiple financial institutions, including Northern Arc, Vivriti Capital, and MAS Financial Services. This funding is intended to enhance the company's technology platform, expand its loan book, and support its growth and expansion plans.

Technological Platform and Innovation

Olyv distinguishes itself through its robust AI and ML-driven platform, which enables:

Real-Time Credit Decisioning: Utilizing AI algorithms to assess creditworthiness swiftly, allowing for instant loan approvals and disbursals.

Personalized Financial Products: Leveraging data analytics to offer tailored financial solutions that meet individual customer needs.

Comprehensive Digital Interface: Providing a seamless, paperless, and automated process for loan applications and other financial services.

These technological advancements position Olyv as a leader in delivering efficient and accessible financial services to the underbanked population.

Leadership Team

Olyv is led by a team of industry veterans with extensive experience in finance and consumer technology:

Rohit Garg – Co-founder and CEO: An alumnus of IIT-Kanpur (B.Tech in Computer Science) and IIM-Ahmedabad (MBA), Rohit has held positions at Citigroup, Deutsche Bank, Morgan Stanley, and served as Vice-President at Nomura. He is passionate about leveraging technology to drive social change and financial inclusion.

Amit Chandel – Co-founder and CTO: Amit holds a B.Tech in Computer Science from IIT Bombay and an M.S. from the University of Toronto. With nine years as Director of Engineering at Kiwi Inc., he developed data science platforms handling over 100 million transactions daily.

Vinay Singh – Co-founder and CPO: Vinay completed his B.Tech and M.Tech from IIT Bombay. As Director of Engineering at Kiwi Inc., he built scalable Android products for over 100 million monthly active users and expanded the technology team significantly.

Jayant Upadhyay – Co-founder and COO: Jayant holds B.Tech and M.Tech degrees in Computer Science from IIT Delhi. At Kiwi Inc., he led the development of digital ad platforms and backend designs for over 1 million monthly active users.

Competitor Profile

Market Insights and Dynamics

The Indian fintech market is experiencing rapid growth, driven by increasing digital adoption and a focus on financial inclusion. The demand for accessible credit solutions among the underbanked population presents significant opportunities for fintech companies like Olyv.

Competitor Analysis

Olyv operates in a competitive landscape with several notable players:

Lendingkart: Provides lending solutions to businesses, focusing on small and medium enterprises (SMEs).

Kueski: Offers online short-term loans, primarily targeting the Mexican market.

Avant: An online platform providing credit alternatives to middle-income consumers in the United States.

Opploans: Develops and provides consumer lending platforms, focusing on subprime borrowers in the U.S.

While these competitors offer similar financial services, Olyv's emphasis on AI-driven personalization and its comprehensive suite of offerings tailored to the Indian market provide a distinct competitive advantage.

Strategic Collaborations and Partnerships

Olyv collaborates with RBI-registered NBFCs to facilitate its lending operations, ensuring regulatory compliance and leveraging established financial networks. These partnerships enable Olyv to offer a diverse range of financial products and expand its reach across India's underbanked segments.

Operational Insights

Olyv's strategic considerations include:

Market Positioning: Focusing on the underbanked population, Olyv addresses a significant gap in the financial services market.

Technological Differentiation: The company's AI and ML capabilities enable efficient credit assessment and personalized product offerings, setting it apart from traditional financial institutions.

Regulatory Compliance: By partnering with RBI-registered NBFCs, Olyv ensures adherence to regulatory standards, enhancing credibility and trust among customers.

Strategic Opportunities and Future Directions

Olyv's strategic roadmap includes:

Product Diversification: Expanding its suite of financial products to include more savings and investment options, catering to the evolving needs of its customer base.

Geographical Expansion: Deepening its presence in tier-2 and tier-3 cities to reach a broader segment of the underbanked population.

Technological Enhancement: Continuing to invest in AI and ML technologies to improve product personalization, risk assessment, and operational efficiency.

By leveraging its technological strengths and understanding of the Indian financial landscape, Olyv is well-positioned to achieve its mission of empowering underserved Indians through comprehensive financial solutions.