Raoul Kapoor, COO of Andromeda, runs the biggest loan distribution team in India having presence in 250+ cities supported by 2000 + employees, 3500+ agent partners and disbursing 20000 crores of loan products per annum. He has built this business from scratch and continues to further deepen Andromeda’s geographic and market penetration. In his previous stint, Raoul was employed with Citigroup where he spent 8 years within different divisions of Retail Banking.
In this interview, Raoul talks about his life goals, philosophy and what keeps him going month on month.
1. Why did you decide to enter the lending business?
During my stint at Citibank, I sensed a huge opportunity in the retail lending space in India. India’s mortgage debt-GDP ratio was under 10% at the time which was the lowest compared to all our peer countries. The low debt-to-income percentage and the growing aspirations of the middle class compelled me to view lending as a lifetime business opportunity.
My prime focus was to make lending as uncomplicated as it could get and make help loans available to the borrowers 24×7. Concerned about the lack of information about hidden costs, loan procedure, and the general inconvenience faced by borrowers, I wanted to take these out of the equation with our offering. This is one of the reasons why Andromeda Loans was formed.
Today, Andromeda is the largest distributor of mortgages and loans such as unsecured business loans, personal loans , and home loans. We have partnered with about 70 banks all over India to help individuals get a loan in the fastest time possible. We also wanted to make resources available at the disposal of our clients in the form of detailed information regarding eligibility, tips, EMI calculators, and more.
2. How has COVID-19 affected your business?
COVID-19 has made us go back to the drawing board and rethink our business strategy. Since the lending industry is dependent on the economy, it indeed was a tough time for our business.
The digital lending channels have shot up in demand and we need to make the entire process as convenient as possible. We need to switch over to cutting-edge technology to create a loan disbursal ecosystem that will be seamless, quick, and risk-free. We are slated for a digital transformation with the industry realizing the true potential of transacting online.