December 2022: India’s foremost micro-savings fintech start-up, Siply, today announced that it has turned profitable in just 2.5 years since its inception. The tech-enabled micro-savings platform recorded a net profit of 2.12 crores in the month of November 2022.
Established with an aim to drive financial inclusion for contract workers, blue-collar workers, gig economy workers, and small business owners, Siply has carved a niche as a micro-savings platform across India. Currently, there are more than 6.3 million registered users on the Siply app, out of which 3.4 million are active users who have made more than 11.6 million transactions amounting to a gross transactional value (GTV) of INR 629 crores. The company has also dispersed over 219 thousand microloans worth INR 207 crores.
The average savings per user on Siply has also nearly doubled to INR 2,752 in November in comparison to INR 1421 in May 2022
“We are working to inculcate savings behavior among the masses through sachet financial services where the investment can be as low as INR 1.00 to build a more productive, inclusive and financially secure Bharat. Our growth is an indicator of how the masses have embraced our sachet services that are meant to be a way forward for their financial freedom,” said Sousthav Chakrabarty, CEO and co-founder of Siply.
The Siply app is available in more than 11 languages and provides innovative services like Micro Credit, Siply Gold Savings Scheme, Siply Gold Jewellery Scheme, Chottastock, and more. Siply has turned gold into a micro-savings instrument and has witnessed strong demand for high-denomination savings products such as Siply’s Gold Savings Scheme and Gold Jewellery Scheme, receiving consistent signups.
The company has also observed a 66X growth in ARPU in the last 6 months.
Siply operates on the phygital model and currently has 5 Pilot Seva Kendras across Bangalore, Mysore, and Belgaum. Overall, Siply will launch a total of 1,000 branches across 115 cities in India and hire around 4,000-5,000 employees in the coming years. Siply also plans to establish a strong agency network as its presence expands across the length and breadth of the country.