The Fact Maker

Siply reports 0% NPA, disburses loans worth ₹125 cr in the past 8 months

  • As of today, Siply has disbursed Rs.125 cr with an average ticket size of Rs.10,000
  • 1 .25 lakh loans disbursed by Siply at a low interest of 15-18% p.a. without any processing or convenience fees.

Siply, a tech-enabled micro-savings platform today announced that it has crossed Rs.125 crores in loan disbursals so far.

Over the past 8 months, Siply’s loan book has grown by 150% month on month. The user base has grown by 24x and revenue by 40x in the last eight months.

Over 1 lakh people have taken loans in the last 8 months, with Siply reporting a 0% NPA(non-performing assets) rate so far.

India’s debt-to-GDP ratio is a modest 34% in the first quarter of FY22, which is very low compared to developed countries. The data from Siply shows that there’s a lot of room for growth for credit in India.

“Our fast growth clearly indicates that there is huge pent-up demand in the market for micro-credit,” said Sousthav Chakrabarty, CEO and co-founder of Siply. “We believe that the right tech solution for people using low-tech smartphones can make a huge difference to middle-class Indians who wish to access credit. Micro-savings and micro-credit are the next big things that will lead to financial wellness and inclusion of India’s Next Billion.”

Siply’s target audience are middle-class Indians who wish to save, but do not necessarily have the know-how to do so. In many cases, they may not know English and they may be using outdated smartphones as well – making many modern fintech solutions out of reach for them.

The average ticket size for loans given by Siply is Rs.10,000. The company has also disbursed micro loans that are as small as Rs.3000. The monthly income of an average loan applicant is Rs.18000. The interest-rate is also competitively low at 15-18% p.a. Siply does not charge any processing or convenience fee either.

Siply, which was started just two years ago, has over 1.5 million users who collectively have made more than 2 million transactions so far. The total savings on Siply is now Rs.175 crores. Siply encourages savings by letting users make savings as low as Rs.100 per week.

India’s gross domestic savings (% of GDP) is 28.9%, which is higher than the world average of 26.9%.

The data from Siply suggests an emerging saving mindset shift among the next billion population.

Siply has tied up with 37 large brands such as Swiggy, Quess, Avenue Growth, Awign, Hesa, Apna, MoneyTap, and Grameen, among others. The employees of these companies – mainly gig workers – have access to the Siply app where they can make savings, investments as well as access micro-credit.

Recently, the company has also launched Gold Savings Scheme, a goal based scheme where the user can choose from either a 1g or 0.5 g coin and buy it in installments. Gold as an investment option is considered safe as well as aspirational by most Indians. Siply has turned gold into a micro-savings instrument by allowing people to Invest as low as Rs. 100 per week, offering pure 24 carat gold in return.