Founder – Samant Sikka, Dhananjay Singh and Sanjeev Sharma
Website – Sqrrl
As millennials, we have all at least for once fell in the trap of regrets on not saving enough to fulfil our dreams. And to address this problem, Samant Sikka, founder of the Sqrrl came up with an idea of a startup of app-based financial services for the Millenials with two other co-founders Dhananjay Singh and Sanjeev Sharma in 2016. With an experience of almost two decades into financial services, Samant Sikka has continuously been aware of the different problems millennials face when it comes to savings and investments. And to overcome this challenge, the three founders started with Sqrrl.
Among the youngsters, it is commonly seen that people barely save money. Spending their pocket money and earnings is their natural behaviour. However, Sqrrl came up with a smart idea of not making them compromise on their spendings and inculcating the habit of micro saving.
The DIY app called the Sqrrl helps the Millenials of the urban and suburban areas of the country save using the Micro Saving concept. Started with a trial of its offerings in March 2017, Sqrrl soon came up with its list of finalised services in July 2017.
The Sqrrl app makes it easier for young people via automation. It proffers people make the tiniest amount of savings every time they spend. Sqrrl uses a straightforward process of investments in mutual funds for the Millenials.
In the transactions that people make, the amounts are rounded to INR 100 – 500. One can pay via any online mode of payment and be a part of this startup. The startup helps one get into an automated transaction that may be on a daily or weekly basis. Therefore, Sqrrl helps its customers make small savings effortlessly.
Samant Sikka mentions that the idea or the origin of this startup was all about the interactions they made with the customers. The founders realised how tough it was for the youngsters to save money. Samant further mentions that the relationship between saving and spending can be termed as a divorced relationship. The app, therefore, comes with a solution to finding easy opportunities to save.
How Sqrrl Works?
Sqrrl offers unique automated mutual fund investment opportunities for its young clients. The app works on Sqrrl Away formula for automated savings and investments, BringYour Own Dreams formula for goal-oriented investments and Axe Tax formula for taxation.
In the Sqrrl Away option, one has to save a minimum amount of INR 100. Amount of savings in the goal-oriented savings scheme varies per the goals of an individual considering facts like what one wants to achieve, how and by when. And lastly, in the case of Axe Tax, one saves a minimum of INR 1000.
Today, the startup has over 40,000 customers using Sqrrls mutual fund options and trusting them for their investment habits.
Ambitious about its services, the founders do not wish to stop here but have been constantly working on expanding its services. They have plans to expand their financial services in the domains of insurance, loans, payments, digitalised banking services, etc. They strive to be in the top 10 list of the financial players in the coming 2 years, aiming over 12 million customers by 2020.
Having done enough research right from the start, the founders understand that the mutual fund investments in India are still under-tapped. Considering their competitors who have complex web-based applications, they wish to create a marketplace target 100% customer convenience and youngsters-friendly offerings. The dominant age group they’ve been currently catering to with 50,000 users is between 27 to 32 age group.
Sqrrl has, therefore, come up as a financial planning and management solution for all in India!