DailyPe launched on Y Combinator's "Launch YC" recently.
DailyPe is a marketplace for Indian shopowners to access business loans that can be paid in smaller, daily installments.
"Get daily business loan from ₹2K to ₹2L in minutes!!"
Founded by Saurabh Gupta & Shashwat Shrikhande. They met each other at IIT Kharagpur and have been friends for the past 7+ years. Both have experienced firsthand the importance of quick access to capital, as their fathers, who ran their own businesses, would stress out days before installment day, saying they "needed to save and transfer money from their secondary accounts to pay for the loan." They are building DailyPe to help solve issues like this, by offering loans paid in smaller, daily installments.
HOW IT WORKS
DailyPe offers a solution for small shop owners who make money daily, unlike salaried workers who get paid monthly. Instead of requiring monthly loan repayments like traditional loans, DailyPe provides daily repayment options. This makes it easier for shop owners to manage their savings and avoid a significant gap in their working capital when repaying the loan.
Apply for a loan in 3 easy steps 👇
🔸STEP 1
Fill out the requested information
provided by the DailyPe agents.
🔸STEP 2
Hassle-Free Documentation
🔸STEP 3
Get money instantly in your
bank account.
💰 Borrower Side: With daily earnings, you can make daily payments and avoid the stress of large one-time installments. Each day, a small amount of $X is automatically deducted from your digital wallet, so you don't have to worry about maintaining a balance of $XXXX. You never default, and you also build your credit score.
🤝 Lender Side: Identify defaulters early, as starting from the 2nd day, your collection data restricts lending to specific demographics and geographic locations. In traditional lending methods, this information wouldn't be available until at least the 3rd month. With DailyPe, lending decisions are better informed, leading to higher collection rates and reduced NPAs.
🤔 The loan amount will be repaid daily by the individual, according to the loan's duration and amount.
Fun fact: These loan products, called 'khandi Udhar,' have existed for a long time in India's unorganized markets, DailyPe is now organizing them.
LEARN MORE
🌐 Visit www.dailype.com to learn more!
😃 Data Points: If you have experience with credit models, underwriting technology, risk analysis, or any lending algorithms, please feel free to contact the founders.
❓ Are you able to assist DailyPe in connecting with banks, NBFCs, and debt institutions in India that might be interested in supporting small business owners as financial providers? Get in touch with the DailyPe team to discuss.
👍 Follow DailyPe on Twitter & Linkedin.
