We talked to Prasad Lendwe, founder of FinnovationZ, about the mutual fund platform and this is what he said about it.
First of all, how are you and your family doing in these COVID-19 times?
Prasad Lendwe: We are doing pretty well; however, we have faced several issues during the wake of this pandemic. Things are settling now.
Tell us about you, your career, how you founded FinnovationZ.
Prasad Lendwe: I am an engineer who wanted to pursue a career in finance and eventually took admission in an MBA program in finance. However, the entire system did not provide me any practical understanding of the career that wanted to opt for. Hence, I dropped out of the program and started my venture of spreading financial awareness with a special focus on Stock Market Investment, through YouTube. Today, the channel has got 1.37 million subscribers and we have successfully took initiative on providing the content in different languages by opening a new channel, FinnovationZ Marathi and FinnovationZ English. We are coming up with channels in many other Indian Languages. We realized that there is a need of easy to understand content for a complex topic like finance. Only 18% of Indians are financially aware, rest are just deprived of a platform that would provide them with simplified content. To fill this gap, we launched FinnovationZ in 2018, which is now going to be known as Convey, an ultimate platform to learn anything about investment.
Learning is done, now it’s time to come up with a platform to implement. In 2020 we have launched India’s first Mutual Fund Distribution Platform for Businesses.
How does FinnovationZ innovate?
Prasad Lendwe: Our company innovates in delivering content and bringing new concepts for investors. Finance is a complex topic. We have innovated in simplifying the content with the help of the storytelling method. We consider our audience as eager children who want to learn but strive to get an easy platform. We deliver stories related to investment in such a way that looks like any grandparent is telling stories to a kid. Now, once learning is over, we have launched the investment platform for businesses.
How the coronavirus pandemic affects your business and how are you coping?
Prasad Lendwe: The pandemic has hindered the process of delivering service. We all started working from home and it had a negative impact on our service delivery. Our revenue eventually started dwindling. However, we managed to focus on coming up with a platform that would resolve the issues related to a maximum number of business people. Takeoff was launched.
Did you have to make difficult choices and what are the lessons learned?
Prasad Lendwe: Yes, we have had made difficult choices. Some choices were risk-oriented and they backfired in many of the cases. However, we quickly understood our market and got hold of the demand. So we managed to change the direction towards a more result-oriented product.
What specific tools, software, and management skills are you using to navigate this crisis?
Prasad Lendwe: No specific tools were used.
Who are your competitors? And how do you plan to stay in the game?
Prasad Lendwe: For content delivery on stock market investment, our direct competitors are Elearnmarket, Finology, and so on. For Convey, We are planning to stay in the game by providing absolutely easy content in every Indian language. They can learn finance, play online quizzes, practice demo investment and engage in other learning activities. For Takeoff, we are the only mutual fund distribution platform for businesses in India; so there is no competition.
Your final thoughts?
Prasad Lendwe: Investment in India has a huge opportunity. The only thing we need to make sure of is that Indians need to be financially aware to start investing flawlessly, irrespective of individuals and businesses. It will help all of them boost their surplus money and get rid of scams.
Upcoming Convey website: https://convey.in/
Current FinnovationZ Website: https://www.finnovationz.com/