Punji Kendra
Did you know that the number of fintech startups globally has increased by over 200% in just the past five years? This growth is fueled by advancements in technology, increased internet penetration, and a rising demand for digital financial services.
Punji Kendra, a flagship brand of PractoMind Solutions LLP, a DPIIT-recognized tech startup with over 8 years of expertise in providing digital transformation and technology integration solutions, has played an important role in driving financial inclusion in India. The journey of Punji Kendra began with a vision to provide affordable and reliable digital solutions to small businesses. Co-founders Abinash Panda, Abhisek Panda, and Mayank Kumar Tiwari recognized the untapped potential of the fintech market and set out to create a platform that would bridge the digital divide.
Punji Kendra’s mission is to make financial services accessible to all, with a particular focus on underserved communities. The platform offers a wide range of services, including Aadhaar-based banking, payment collections, insurance solutions, and more. Punji Kendra has made it easier for individuals and businesses to manage their finances efficiently and securely by leveraging technology and building partnerships with banks and fintechs.
Abinash Panda, one of the co-founders of PractoMind Solutions LLP and the driving force behind Punji Kendra, has played a crucial role in the company’s success. With his entrepreneurial spirit, deep understanding of the fintech landscape, and commitment to innovation, Panda has led Punji Kendra to become a leading player in the industry.
Join us in this edition of “Iconic Brand Of The Year 2024” as we delve into the inspiring journey of Abinash Panda and the remarkable achievements of Punji Kendra. Discover the secrets behind their success and gain valuable insights into the future of fintech in India.
Tycoon Insights: Kindly give us a brief about the company’s inception story.
My brother and I started PractoMind Solutions in 2016. We had been freelancing for a while and saw an opportunity to create a formal business providing affordable web and cloud-based services to small businesses. We identified a need for digital transformation solutions and decided to focus on that area. This became the foundation for our company’s growth and the creation of brands like PunjiKendra.
Later on, Mr. Mayank Kumar Tiwary joins the team as co-founder and CTO and adds numerous value additions to the organization’s technical platforms.
Tycoon Insights: What was the motivating force behind its inception?
Our main goal was to help small and medium-sized businesses get the most out of technology. We saw that many of these businesses needed affordable and easy-to-use digital solutions. So, we decided to provide a range of services like website design, cloud computing, and financial technology tools. Our aim was to help businesses succeed in the digital age.
Tycoon Insights: What were the initial challenges faced by your business?
Initially, it was tough to convince people to trust fintech platforms. We had to educate rural customers about digital banking and deal with challenges like poor internet connectivity. Scaling our technology to serve a wider audience was also a big hurdle.
Tycoon Insights: How is the brand defining the “trust factor” in the market?
We build trust by prioritizing security and compliance. We follow strict standards like PCI-DSS and GDPR to protect our customers’ data. We’re also transparent about what we do and how we handle information. Our consistent performance and strong customer service help us build long-lasting relationships and gain customer trust.
Tycoon Insights: What are the key differentiators of the company’s business model?
The unique selling point of Punji Kendra is our ability to provide a wide range of fintech services all in one place. Customers can use our platform for Aadhaar-based banking, rural banking, payments, insurance, and more. We’re focused on financial inclusion, especially in rural areas, and we work closely with banks and other fintech companies to provide a seamless experience.
Tycoon Insights: What services does the brand provide to its clients?
We provide a variety of services, including AEPS (Aadhaar Enabled Payment System), micro ATMs, UPI and QR code payments, payment gateways, PAN cards, insurance, and utility services like mobile and DTH recharges. We also help businesses integrate our technology into their systems through API and SDK development and provide cybersecurity consulting.
Tycoon Insights: In an age of mistrust, is the brand seeing an evolution in how consumers trust its services?
We’ve noticed that people are more concerned about security and transparency these days. We’ve worked hard to build trust by using secure platforms, having a strong infrastructure, and providing reliable customer support. This has helped people feel more confident about using fintech services, especially in rural areas where digital payments are becoming more popular.
Tycoon Insights: How did the brand succeed in establishing a mark in the industry and in the hearts of the customers?
Our success is because we focus on making financial services accessible to everyone, especially in areas that don’t have many banking options. We provide affordable, secure, and easy-to-use solutions that help people manage their finances. Our commitment to transparency and reliability has helped us build trust with our customers and keep them coming back.
Tycoon Insights: How does the brand evaluate the value of a customer?
We see our customers as partners in our growth. We value their feedback, satisfaction, and building long-term relationships. Our customers are the heart of what we do, and we constantly work to improve our services to meet their changing needs.
Tycoon Insights: How well are the clients connected with the brand?
Our clients feel connected to us because we provide personalized services, stay in touch regularly, and provide active support. We make sure to communicate clearly and effectively with our partners and customers, which helps build strong relationships and fosters mutual growth.
Tycoon Insights: What are the most effective marketing programs the brand has used to promote its services?
We’ve used a mix of digital marketing, content, and on-ground activities in rural areas to promote Punji Kendra. We’ve been active on social media, sharing success stories and building a positive image of our brand. This has helped us spread awareness and reach more people.
Tycoon Insights: Are there any new categories or changes to be introduced this year?
This year, we’ve introduced new fintech services like AEPS and Micro ATM and expanded our cloud services. We’ve also developed more API/SDK integration solutions to help businesses in the fintech industry.
Tycoon Insights: Have you measured how much trust consumers have in your brand?
Yes, we constantly measure consumer trust through feedback surveys, client reviews, and retention rates. Regular communication and support channels are also used to gauge customer satisfaction and the level of trust they have in the brand.
Tycoon Insights: What’s the first thing that enters a consumer’s mind when they see your brand?
The first thing consumers associate with us is “empowerment through financial inclusion.” Customers think of us as accessible, secure, and reliable fintech services that make banking and digital payments easy and efficient.
Tycoon Insights: What targets and plans are to be achieved in the coming years?
Our plans for the future include expanding our reach to more rural areas in India and introducing new fintech services. We’re also working on building stronger partnerships with banks and other fintech companies and expanding our technology solutions. As a startup, we’re looking to raise funds to help us grow and become a leader in the fintech industry.
Tycoon Insights: What message does the company give to the young entrepreneurs reading this draft?
My advice to young entrepreneurs is to focus on solving real-world problems with innovative solutions. In the IT and fintech industries, building trust, offering valuable products, and being adaptable are key to success. The industry is constantly changing, so it’s important to stay flexible and learn new things.
