“KyePot is very transparent and is operated legally in accordance to the rules and regulations of govt. There is no fear for the safety of our money”
Kiran Shah was born with business acumen. He has completed his education till SSC matriculation and hails from Kachwagd village in Gujarat. His family consists of his wife and 3 children who are currently undergoing their education. Kiran Shah makes a living from his small retail shop in andheri east in mumbai selling miscellaneous goods, stationery, printing, electronic gadgets like mobile phones etc.
He is one of those 15 Million retailers India that are a life line of semi organised retail sector. It is not an easy business to actually be a retailer in India as you always have seasonal demand, customers moving to online and inability to get loans when required to adapt to the needs of a retail business. You need to find the right supplies at the right time at the right cost and also need to have savings or investments to procure supply. Kiran has now been doing this successfully for ~ 10 years. The MSME’s have a need for loans (< 5 Lac) regularly and the industry need atleast 26,000 Crs of credit to keep going as per the latest reports. This credit in the industry been badly hit due to demonitization & GST
Kiran is a very hardworking and industrious man blessed with good business insights. With his pursuit to expand his income & wanting to be a part of the digital economy, he became a retailer for Pay1, an online money remittance, bill recharge, Aadhaar Payment cash in cash out service. Pay1 has around 2 lac merchants as its customers in India and works with KyePot as a distributor of digital chits. With Pay 1, Kiran is able to earn on an average 15-20 K/Per month extra income & services 1000’s of walk-in customers w/o any extra cost.
Taking small steps towards the dream
Kiran Shah set up his retail shop where he used to directly engage and serve the customers. His needs are quite varied and he sometimes needs cash to supplies, new machines, goods, mobile phone stock. He takes the supply from his distributors who give him a credit line of ~ 2 weeks. At times he has to buy his stock of other items in credit which amounts to Rs 40,000 to Rs 60,000 rupees. Sometimes he gives his regular and corporate customers credit facility wherein his customers get the opportunity to pay for his products through business accounts with a slight time delay
In such scenarios, Kiran felt that it is very essential to have sufficient savings and investments corpus in place so that he can pay his distributors and wholesalers for his stock and still give credit to his customer. Kiran has never taken any sort of loan from any banking or other financial institutions because its been very difficult and cumbersome but he’s been part of a number of local chit funds or beeshis (as its called in mumbai) to save regularly for his rainy day needs. He’s been doing bheeshi’s for last 5 years and always has 2-3 groups running in parallel to organise working cash flow needs from time to time.
Always along the way, Kiran knew that traditional beeshis are not legal and there is no safety of money. He’s also seen the hassles in past in getting money in time when group members are not professional in honouring their commitments timely and also seen a lot of bheeshi’s where the organiser messed up. If any person in the traditional beeshi runs away with the money, the rest of the members of the beeshi have to suffer.
When KyePot knocked his door
In search of a safer avenues, when Kiran stumbled upon KyePot through Pay1, he wanted to try it as it sounded innovative & safe; the very same investment which he used to do by traditional means, now he thought of trying the digital and safer way.
The representatives of Pay1 & KyePot helped Kiran by addressing all his queries and gave him a detailed tutorial regarding the procedures and the investment plan which KyePot has to offer.
Kiran started with a Cookie Jar 30K plan with a 5K monthly installment for 6 months to try out KyePot and then very soon within a 2 months after getting comfort, joined Cookie Jar 1.2 lac plan (Rs 5K for 24 months). As of now, he has already saved Rs 31,502 with KyePot and has earned dividends of Rs.2,452. Kiran has also borrowed Rs 26,990 from his own savings in KyePot which he has utilised to expand his business.
The Success continues for Kiran Shah’s small business enterprises
Kiran is ambitious and is trying to expand his business as much as possible. His desire to have a consolidated business holding shows in his own business set-up where he is selling consumer durable goods, electronics products, provides printing and photocopy services as well as digital payments and remittance services. He is trying to add more feathers to his business by divulging into more profitable avenues. He is successfully utilising his savings and dividends from digital chits’ avenue to invest and grow his business.
Kiran is going strong with KyePot’s digital chits plan. He quite likes the online real time bidding & auction process that runs fairly for 48 hours although he says it’s an anxious 48 hours when someone needs money and has to compete with other group members to play the reverse auction online. He likes KyePot’s service so much that he is content having KyePot as the only digital savings & investment platform while he still keeps investing in a parallel local offline bheeshi.
Pay1 and KyePot played a very important role in aiding and supporting Kiran Shah throughout his retail business journey. KyePot has helped transform Kiran Shah’s life for the better by ushering in transparency and profitability in his small medium business. We are glad that Kiran Shah is steadily doing great in his business and KyePot will support him throughout his journey.