Founder Thesis

"When UPI happened, it was like, very clear now, this is something that will change everything."  This powerful statement from Deepak Chand Thakur encapsulates the monumental shift the Unified Payments Interface has brought to India's financial landscape. It wasn't just another payment system; it was a revolution that reshaped commerce, financial access, and technological innovation —a revolution that Deepak and NPST have been at the heart of.  Deepak Chand Thakur is the Co-Founder and Chief Executive Officer (CEO) of Network People Services Technologies Ltd. (NPST). He has guided NPST from a bootstrapped startup to a publicly listed entity on the mainboards of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Under his leadership, NPST achieved FY24 revenues of ₹130.08 crore, a 216% year-on-year increase, and a net profit surging by 310% to ₹26.71 crore. The company's SME IPO in 2021, which Deepak recounts was valued at ₹50 crore, saw it deliver approximately 9000% returns to its early investors and reach a peak market capitalization of around ₹5000 crore.  Key Insights from the Conversation: 👉UPI's Genesis & Evolution: A deep dive into how UPI was conceived, its evolution from IMPS, and why it became a uniquely successful global model for digital payments. 👉NPST's Role in UPI: How NPST became a crucial technology service provider, bridging the gap between NPCI and banks to facilitate UPI adoption and build scalable solutions. 👉The Tech Behind Scale: Understanding the microservices architecture NPST employs to handle massive transaction volumes, like processing over 5.5 crore transactions daily for a single banking partner. 👉Innovation Beyond MDR: How the absence of Merchant Discount Rate (MDR) on UPI payments spurred innovation towards creating value-added services and new revenue models. 👉JAM Trinity's Impact: The foundational role of Jan Dhan-Aadhaar-Mobile (JAM) in creating the digital backbone that enabled UPI's widespread success in India. 👉Future of Payments: Exploring what's next after UPI, including digital currency (e₹), ONDC, and BBPS.  Chapters:  00:00:49 - Introduction: Deepak's Journey to Becoming a Fintech Founder 00:07:36 - Understanding NPCI and India's Early Payment Ecosystem 00:15:11 - NPST's Bootstrapping Strategy & Early Days Before UPI 00:22:33 - The UPI Revolution: Impact and NPST's Pivot 00:39:14 - Deep Dive: UPI Architecture, Evolution from IMPS & Global Uniqueness 01:07:07 - The Business of UPI: No MDR, Scarcity Driving Innovation 01:19:01 - UPI Going Global & The Foundational JAM Trinity 01:32:55 - Beyond UPI: Exploring BBPS, ONDC & Account Aggregators 01:53:31 - NPST's Business Model in the UPI Era: PPaaS & Value Creation 02:03:48 - The NPST IPO Journey: Fueled by Fintech Growth 02:14:37 - Life After IPO & The Future of Digital Payments in India  #UPI #FounderThesis #DigitalIndia #FintechIndia #PaymentsRevolution #NPCI #DigitalPayments #MakeInIndia #StartupIndia #TechInnovation #IndianFintech #Innovation #DigitalTransformation #PaymentGateway #Fintech

"The sooner you can get to a level where you can actually make yourself redundant, I think that's when you start building an institution."  This powerful insight from Rohit M A encapsulates a core theme of our conversation: sustainable growth isn't just about a visionary founder, but about building systems and teams that can thrive independently. It’s about transitioning from being the indispensable force to the architect of an enduring enterprise. Rohit M A is the Managing Partner at PeerCapital, an early-stage tech-native venture capital fund. Before co-founding PeerCapital, he was instrumental in scaling Cloudnine Group of Hospitals from a single unit to a national leader with 42 locations and revenues exceeding ₹1200 crores. With over 23 years of entrepreneurial and management experience, and having angel invested in 70-75 companies, Rohit brings a deep operator's perspective to venture investing. PeerCapital's first fund is close to $40 million, focusing on "consumption enablers" and providing "valuable capital" to founders. Key Insights from the Conversation:  👉The Operator-to-VC Journey: Understanding the mindset shift and challenges when transitioning from building a company to funding many. 👉Scaling with Process & Data: How establishing robust processes and leveraging data were critical to massive growth, moving beyond founder-led decisions. 👉"Valuable Capital": PeerCapital's thesis on providing more than just money – offering strategic, operational, and intellectual support. 👉Fundraising Realities: The candid truth about how difficult fundraising is, both for founders seeking capital and VCs raising funds from LPs. 👉Institutionalizing a Business: The importance of professional management, board governance, and preparing a company for long-term success, including being public-listing ready. 👉Focus on the Problem: Why VCs (and founders) should obsess over the problem being solved rather than getting fixated on a single solution.  Chapters: 00:00:00 - Introduction: Rohit M A's Entrepreneurial Path 00:02:13 - The Genesis & Early Vision of Cloudnine Hospitals 00:10:03 - Scaling Cloudnine: From 1 to 42 Hospitals & Key Metrics 00:17:00 - Transitioning to Professional Management & Making Yourself Redundant 00:52:46 - Leveraging Data & Technology for Operational Excellence 01:10:45 - The Cloudnine Fundraising Journey: From VCs to Private Equity 01:24:23 - The Shift to Venture Capital: Founding PeerCapital 01:26:34 - PeerCapital's Investment Thesis: "Valuable Capital" & Founder Fit 01:33:04 - The Surprising Realities & Challenges of Running a VC Firm 01:49:17 - How PeerCapital Evaluates Startups for Investment 02:00:47 - What Kind of Founders Should Approach PeerCapital?  #FounderThesis #VentureCapital #StartupIndia #Entrepreneurship #ScalingBusiness #HealthcareInnovation #TechInvestment #OperatorVC #StartupFunding #BuildingInstitutions #LeadershipLessons #IndianStartups #VCInsights #FounderJourney

"Founders often wear a mask of 'irrational optimism' for their team; a necessary front when leading through uncertainty."  This insight from Ashish Munjal delves into the often unspoken psychological aspect of entrepreneurship, where maintaining a strong, positive exterior is crucial for team morale and navigating the startup journey's inherent challenges, even when founders internally grapple with difficulties.  Ashish Munjal is the Co-Founder & CEO of Sunstone, one of India's leading higher education service providers. Recognized in the Times 40 under 40 (2022), he is steering Sunstone to impact nearly 20,000 students across 14 cities and over 27 colleges, with projected gross sales of around ₹300 crore by the end of the year discussed in the podcast. His mission is to make quality, job-oriented higher education accessible, particularly for students in Tier II & III cities.   Key Insights from the Conversation:  👉Viral Growth & Engagement: How Crown It achieved massive user engagement (50% MTU/MAU) with near-zero paid marketing, relying heavily on organic referrals.  👉Bold Business Models: The strategic thinking behind Sunstone's initial "Pay After Placement" model to build trust and cut through market clutter.  👉The Power of Pivots: Lessons from Crown It's evolution (deals to data monetization, then enterprise) and Sunstone's strategic shifts (like removing pay-after-placement for UG courses) for long-term sustainability.  👉Offline-First in EdTech: How Sunstone's offline-centric approach proved resilient and attractive to investors, especially when the online EdTech wave faced scrutiny.  👉AI in Operations: Practical examples of how AI is already being used at Sunstone for lead qualification, CV automation, and even creating initial drafts of educational content.   Chapters:  00:00:00 - Introduction: The Entrepreneurial Itch 00:01:49 - The Crown It Journey: Building a Viral Deals App & Growth Hacks 00:15:35 - Challenges of Gamified Rewards & Why Crown It Pivoted 00:40:47 - The Shift to Education: Identifying the Core Problem for Sunstone 00:48:44 - Sunstone's Innovative Higher Education Model 00:56:19 - "Pay After Placement" & Navigating Sunstone's Early Challenges 01:06:56 - Sunstone's Unique Operations: The University Track vs. Sunstone Track 01:13:18 - Cracking Student Acquisition & The "Easier" Part: Placements 01:23:08 - Funding Journey: Navigating EdTech Investor Waves 01:27:48 - Lessons as a Two-Time Founder & Angel Investing Thesis 01:38:10 - Signalling Credibility to Investors: Early Stage vs. Series A 01:42:52 - AI in Action: Automating Operations & Replacing Resources  #FounderThesis #EdTechIndia #HigherEducation #StartupIndia #Entrepreneurship #IndianStartups #SerialEntrepreneur #StartupLessons #GrowthHacking #EdTechTrends #BusinessPivots #VentureCapital #AIinBusiness #Podcast #InnovationInEducation #leadershipjourney   Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"SaaS as we know it is DEAD."  This might sound controversial, but as Manav Garg explains, the old model of simple workflow automation is being rapidly superseded. AI agents are now capable of executing complex tasks based on simple commands, fundamentally changing how businesses operate and what they expect from technology.  Manav Garg is the Co-founder and Managing Partner of Together Fund, an operator-led VC firm managing over $250M AUM and backing ambitious early-stage Indian SaaS and AI startups. Before this, he founded Eka Software Solutions in 2004, building it over nearly two decades into a global leader in commodity management software. He scaled Eka to $34 million in revenue with $9 million in profit by 2014, raised over $55 million, navigated a complex pivot to the cloud, and ultimately exited the company. He is also a co-founder of SaaSBOOMi, Asia's largest SaaS community, and is passionate about building India as a Product Nation.  Key Insights from the Conversation: 👉The challenging journey of pivoting an already profitable company (Eka) to the cloud. 👉Learnings from bootstrapping, fundraising, M&A, and scaling enterprise SaaS globally. 👉The Operator-VC model: "Paying it forward" with capital plus know-how. 👉Why "People Buy From People": Building trust is paramount in enterprise sales. 👉The Founder Exit journey often involves an identity crisis, not just financial calculations.  Chapters: 00:00:00 - Introduction 00:03:32 - Early Career: Commodity Trading & Learning Lateral Thinking 00:10:50 - Spotting the Gap: The Founding Idea for Eka Software 00:19:29 - Starting Eka: Solo Founder, Seed Funding & Early Choices 00:25:33 - Zero-to-One: Building Eka Profitably From Year 1 00:34:20 - Scaling Up: Raising VC & Growing Through M&A ($34mn ARR) 00:40:55 - Facing Crisis: The Commodity Crash & The Cloud Pivot Decision 00:48:58 - Navigating the Difficult 3-Year Cloud Transition 00:53:07 - The Exit Journey: Deciding to Sell Eka & The Process 01:05:04 - SaaSBOOMi & Founding Together Fund (The Operator-VC Model) 01:10:09 - Investing Thesis: AI Wave, Market Size & Evaluating Founders 01:19:34 - Key Lessons from 20 Years: Pricing, Sales, Product Love & Processes 01:33:11 - Why SaaS is Dead & The Future with AI Agents  #FounderThesis #SaaS #StartupIndia #IndianStartups #VentureCapital #OperatorVC #AI #ArtificialIntelligence #EnterpriseSoftware #CloudComputing #FounderJourney #StartupExit #Entrepreneurship #Bootstrapping #SalesStrategy #ProductManagement #TechIndia #MakeInIndia Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"Raising more money often means you made more mistakes."This counter-intuitive take from Vinod Kumar Meena challenges the common startup narrative where fundraising equals success. He argues that true success lies in capital efficiency and building a sustainable business, not just chasing the next round.  Vinod Kumar Meena is the Co-Founder & COO of KukuFM, India's leading audio content platform. An IIT Jodhpur graduate and Forbes 30 Under 30 Asia honoree, he has scaled Kuku FM to over 6 million paying subscribers, targeting over ₹1000 Crore ($150M) in ARR, demonstrating phenomenal growth in the vernacular content space after raising over $70M.  Key Insights from the Conversation:  👉Why Silicon Valley startup advice can be detrimental in the Indian context. 👉The critical role of content exclusivity and understanding 'Bharat' for monetization. 👉Mastering digital distribution, influencer marketing, and why 'ads are content'. 👉The 'science' behind engaging mobile-first content (fast-paced, escapism). 👉Why gut calls often trump logical debates in decision-making. 👉Building a 'default alive' business vs. a VC-dependent startup. 👉AI's role as an enabler in content, not (yet) a replacement for creators.  Chapters:  (0:00:00) - Intro: Vinod's Journey from Village to IIT & Entrepreneurship (0:07:30) - Early Startups, EdTech & Selling to Toppr (0:18:08) - Why Vinod Left EdTech & The Power of Travel (0:23:23) - Genesis of Kuku FM: Identifying the Vernacular Audio Gap (0:29:45) - Building Content Supply & Cracking Monetization for India (0:46:40) - Deep Dive: Monetization Strategy & Exclusivity (0:51:30) - Unique Distribution Tactics: Influencers & Content-as-Ads (01:06:30) - Mobile-First Content Science: What Engages 'Bharat'? (01:17:50) - Challenging Startup Norms: Fundraising, Gut Calls & Silicon Valley Myths (01:49:25) - AI in Content: Hype vs. Reality & Future Outlook (01:55:35) - Final Advice: Build a BUSINESS, Not Just a Startup  #FounderThesis #StartupIndia #IndianStartups #ContentBusiness #VernacularContent #AudioPlatform #Podcast #Entrepreneurship #StartupAdvice #Monetization #DigitalMarketing #InfluencerMarketing #BuildingForBharat #MakeInIndia #MediaTech #ContentStrategy #Fundraising #VentureCapital #BootstrappingMindset #Leadership #businessstrategy   Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"When people think of AI, they think it's probably happened in the last 10 years or 20 years, but it's a journey of 70 plus years."  This quote from Vinay Sankarapu challenges the common perception of AI as a recent phenomenon.Vinay Sankarapu is the Founder & CEO of Arya.ai- An Aurionpro Company, one of India's pioneering AI companies established in 2013. An IIT Bombay alumnus, Vinay led Arya.ai to become a profitable (EBITDA positive for 3+ years) enterprise AI player focusing on the BFSI sector, achieving significant scale (~₹50-100 Cr revenue range) before its acquisition by Aurionpro Solutions. He was named in Forbes 30 Under 30 (Asia) and is now also leading AryaXAI, focusing on making AI interpretable and safe for mission-critical applications.  Key Insights from the Conversation:👉AI's True Timeline: Unpacking the 70+ year evolution from Alan Turing to modern LLMs.👉Core Concepts Demystified: Neural Networks, Deep Learning, Backpropagation, CNNs, RNNs, Transformers explained simply.👉The Deep Tech Journey: The challenges and pivots involved in building an early AI startup in India. 👉Explainability is Key: Why making AI understandable (XAI) is critical for trust and adoption, especially in regulated industries. 👉Future of AI: Insights into AI agents, verticalization moats, responsible AI governance, and the changing SaaS landscape.#AI #ArtificialIntelligence #MachineLearning #DeepLearning #AIHistory #TechHistory #NeuralNetworks #LLMs #Transformers #ExplainableAI #XAI #ResponsibleAI #AIEthics #AIGovernance #StartupIndia #IndianStartups #Entrepreneurship #FounderThesis #DeepTech #BFSI #FintechAI #podcast   Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"B2B sales is not selling a product. It's building up a relationship."  This insight from Dhruv Verma underscores a core theme of our conversation: in the high-stakes world of B2B, particularly with large enterprises, trust and deep understanding built through relationships are paramount, often trumping product features alone.  Dhruv Verma is the Founder & CEO of Thriwe, a global B2B consumer benefits marketplace he started in 2011 (initially as GolfLan). Facing extreme hardship early on, including selling his house to keep the company alive, Dhruv pivoted and built Thriwe into a leader serving over 15 million customers globally. The company is profitable and achieved revenues of ~$32 million (approx. 300 Cr INR), while Dhruv and his team retained ~65% equity.  Key Insights from the Conversation:  👉The immense power of resilience and learning from failure, including knowing when to cut losses decisively. 👉Why pivoting from B2C to a B2B focus unlocked significant growth and product-market fit. 👉The art of B2B sales: building deep trust and offering intuitive, innovative solutions beyond just delivering value. 👉How strategic acquisitions and building a strong tech stack create competitive advantages. 👉The importance of maintaining founder control and building a sustainable, profitable business over chasing valuations.  Chapters: 0:00:01 - Early Drive: Making Money Since School Days 0:07:14 - Corporate Stints & Early Failed Ventures 0:09:05 - Idea Spark: Golf & Mass Affluent Benefits 0:12:41 - Launching GolfLan  0:15:14 - Painful Failure & Selling House 0:18:24 - GolfLan B2C Model & The Breakage Problem 0:27:41 - The Profitable B2B Pivot  0:35:28 - Expanding Beyond Golf: Becoming Thriwe 0:41:17 - Building Supply, Tech Edge & Creative Products 0:51:14 - The Art of High-Value B2B Relationship Sales 1:07:21 - Rebranding Lessons & Founder Control 1:10:48 - Angel Investing & Tier 2/3 India Focus #FounderThesis #AkshayDatt #StartupIndia #Entrepreneurship #B2BSales #LoyaltyPrograms #CustomerEngagement #Pivoting #BusinessStrategy #Resilience #Bootstrapping #Profitability #StartupJourney #Leadership #Innovation #GolfLan #IndianStartups #TechStartup #GlobalBusiness #FounderStory #Podcast #businesspodcast   Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"If you're going to find something, think of building this for the next 20 years. Think very long term."  This powerful advice from Tarun Mathur underscores the importance of long-term vision in entrepreneurship, reminding founders that enduring companies aren't built overnight but over decades.  Tarun Mathur is the Co-Founder & Chief Business Officer at Policybazaar for Business, India's leading online insurance marketplace. With an impressive 17-year journey since co-founding the company in 2008, Tarun has been instrumental in its growth, including the launch and leadership of its B2B arm, Policybazaar for Business. His experience spans analytics, revenue management, strategic initiatives, and various insurance verticals within the company.  Key Insights from the Conversation:  👉Mission-Driven: Policy Bazaar was founded with a mission to protect middle-class India through transparent, accessible insurance, focusing initially on term life insurance. 👉Evolving Sales Model: Realizing insurance is a complex purchase, Policy Bazaar shifted from a purely digital model to an assisted one, incorporating call centers and advisors to build trust and aid understanding. 👉Product Focus: While starting with auto insurance, the focus evolved to high-importance protection products like health and term life insurance, educating the market along the way. 👉B2B Expansion: PolicyBazaar for Business targets the underserved SME/MSME sector, offering protection products like liability, cyber, and group health insurance, tailored to business needs. 👉Data-Led Product Innovation: Customer conversations and claims data are rigorously analyzed to improve user experience, develop relevant product propositions, and refine pricing with insurance partners. 👉Building for the Long Haul: Success stems from a long-term vision, customer obsession, focusing on product proposition, and consistently showing up over many years.  Chapters: 00:00:00 - Intro: Tarun Mathur's Origin Story  00:06:43 - The Genesis of Policy Bazaar  00:12:00 - Early Challenges & Securing Funding  00:15:37 - Selling Insurance Digitally: The Pivot to Assisted Sales  00:19:03 - Understanding Insurance Distribution Models (Agent vs Broker)  00:25:34 - Evolution of Product Mix: Auto, Health & Term Life  00:35:08 - Building Policy Bazaar for Business (B2B)  00:45:54 - The Cyber Insurance Opportunity & Product Innovation  00:55:48 - B2B vs B2C Customer Acquisition Strategy  01:00:45 - The Journey to IPO 01:04:14 - Entering the Reinsurance Market  01:23:28 - Policy Bazaar's Secret Sauce: Customer Obsession  01:35:42 - Advice for Young Founders #FounderThesis #Insurtech #InsuranceIndia #StartupIndia #IndianStartups #Entrepreneurship #AkshayDatt #Fintech #DigitalInsurance #B2B #SME #MSME #TermInsurance #HealthInsurance #CyberInsurance #IPO #BusinessStrategy #CustomerObsession #ProductManagement #DataAnalytics #Leadership #StartupAdvice Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"Behind the scenes, it's a Climate AI. It's a very deep Climate AI engine that we have built, which drives all of these workflows."  Rohit Toshniwal pulls back the curtain on the sophisticated technology needed to tackle complex environmental challenges, highlighting how Artificial Intelligence is becoming essential for managing sustainability data and driving climate action.  Rohit Toshniwal is a serial tech entrepreneur and Co-Founder of Sprih, which builds a Carbon Intelligence and Management platform using Climate AI to help organizations catalyze climate action. An IIT Kanpur graduate, Rohit previously co-founded Arkin Net, acquired by VMware for over $100 million, and helped scale that business within VMware to ~$250 million in revenue.  Key Insights from the Conversation:  👉Why tracking environmental and social impact is becoming critical for businesses, driven by regulations, investors, and customers. 👉 Understanding Carbon Dioxide Equivalence (CO2e) as a key metric for environmental performance. 👉 How strong performance on sustainability metrics can unlock preferential financing and attract talent. 👉 The role of technology, particularly Climate AI, in simplifying complex data collection, analysis, and reporting for climate action. 👉 Lessons from building and selling Arkin Net, and scaling it post-acquisition. 👉 The importance of long-term vision and the right partners for building sustainable businesses.  Chapters: 👉 00:00:51 - Intro: Rohit's Journey into Green Tech & Sustainability 👉 00:04:30 - Understanding Corporate Impact: Beyond Finance 👉 00:09:39 - Why All Companies Should Track Climate Impact 👉 00:15:07 - Deep Dive: Understanding Carbon Reporting & CO2e 👉 00:20:13 - Climate Performance, Capital Access & Business Advantage 👉 00:26:05 - Introducing Sprih: Climate AI for Carbon Management 👉 00:39:50 - The Market Opportunity in Climate Tech & Carbon Intelligence 👉 00:57:25 - Rohit's Early Career: From Cisco to Startups & VMware 👉 01:02:42 - The Arkin Net Story: Building & Selling for more than $100 Million 👉 01:06:30 - Scaling Post-Acquisition: Growing to $250M within VMware 👉 01:11:31 - Engineer's Take: How to Build a $250M Business 👉 01:18:29 - Building Philosophy: Focus on Roots, Not Flowers  #Sustainability #ClimateTech #CarbonReporting #ClimateAI #CarbonIntelligence #Sprih #FounderThesis #StartupIndia #Entrepreneurship #TechFounder #FounderJourney #BusinessStrategy #VMware #IITKanpur #NetZero #ImpactInvesting #ClimateAction #IndianStartups

"The customer is the CEO of the company; he can fire everyone."  This core belief drove Harshvardhan Lunia's journey in building Lendingkart. He emphasizes that obsessively solving the customer's problem—be it the need for speed, transparency, or convenience—is the ultimate key to building trust and a successful financial services business.  Harshvardhan Lunia is the Founder & CEO of Lendingkart, a fintech platform transforming SME lending in India. An ISB graduate and Chartered Accountant, he leveraged his background in banking and SME credit advisory to launch Lendingkart in 2014. Lendingkart has since disbursed over ₹20,000 crores to more than 3 lakh customers across 4,500+ towns and cities in India, achieving a total AUM of ₹7,500 crores (with ₹5,500 crores via co-lending) by FY24.  Key Insights from the Conversation: ✅SME Lending Pain Points: Traditional lending for SMEs suffered from slow processes (3-4 months) and lack of transparency, creating a market gap. Lendingkart focused on speed (hours/days) and transparency from day one. ✅Data Over Tradition: Realizing traditional financial statements were often adjusted for tax purposes, Lendingkart pioneered using bank statement analysis and cash flow data for underwriting. ✅Tech-Driven Underwriting: The platform evolved from rule-based systems to sophisticated algorithms trained on billions of data points to assess risk and determine loan terms, achieving high predictive accuracy (97.5%). ✅The Rise of Co-Lending: Partnering with banks and larger institutions (co-lending) became crucial post-COVID, allowing Lendingkart to scale distribution while sharing risk and capital. By March 2022, 80% of business was co-lending, reaching a 25/75 (own books/co-lending) AUM split in FY24. ✅Distribution is Key: While underwriting and collections tech are vital, building trust and reaching customers across India (distribution) is the ultimate differentiator in the absence of a large legacy brand or branch network. ✅Fundraising Conviction: Raising capital involves storytelling and unwavering conviction in your vision, especially when building something new. It's an exam where you must clearly articulate why your approach will work. Harshvardhan even shared his unique approach of pitching using a whiteboard instead of presentations.  #Lendingkart #HarshvardhanLunia #FintechIndia #DigitalLending #SMEFinance #MSME #NBFC #StartupIndia #Entrepreneurship #IndianStartups #FounderThesis #BusinessPodcast #VCFunding #CoLending #DataAnalytics #Underwriting #FinancialInclusion