Finaco is a Bangalore based startup funded by Rahul. Finaco is a platform which helps to resolve the financial problems, it helps the common man and also to CAs across the country.
The idea itself is very challenging and we are really focused to achieve our goal. Once CAs start using our services I am sure they would love it and will be amazed to understand that how much ease of doing things it will give to them.
We got an opportunity to talk with Rahul, the founder of Finaco and see what he has to say? I am sure his interview with us will inspire you.
Give a brief info about your startup?
Finaco is the most efficient way to resolve your financial problems and bridge the digital gap in one of the most critical areas of our life. Finaco helps the common man access hundreds of CAs all over the country, anytime, anywhere even while on the move, in a smooth and seamless manner, creating a win-win experience for both financial experts and their clients. Finaco is the financial marketplace of future which focuses on finance delivery and communication for client and experts.
What made you start your startup and what problem does it solve?
It started when I was an article assistant in one of the CA firms in Kolkata, I used to go to client’s place do audit work and then used to report base office on Saturday to explain what work has been done and what are the findings. Moreover I always found a CA’s office unstructured, full of papers, files, books etc. and sometime client’s important papers documents used to get misplaced.
I also experienced that clients used to be always busy with their work and compliance was never given importance, they always used to lapse important due dates resulting in fines and penalties. Further I also found that finding a CA was a tough job and mainly used to work on referral. All these collectively made what Finaco is today.
Finaco helps by solving a variety of problems and some of them include:
Find nearest and industry specific CAs to book appointment with them, or consult online.
Finance feed: where you can get answers to different topics from industry experts
Q&A: To ask specific questions.
Finaco Cloud: Practice management software where CAs can manage and grow their practice
Discussion Forum: Experts can discuss among themselves on different topics
Book a Service: Clients looking to book any financial service can directly book it on the website to be solved it through our in-house team and network of CAs.
Tell us about yourself, your previous jobs/ventures? What were you doing before this startup?
I come from a business background and have grown up seeing that. I graduated in commerce from the University of Delhi and then qualified to become a Chartered Accountant from Kolkata.
Post which I worked with one of the IT major company in Bangalore in Corporate Audit team and rotated to Core finance before finally quitting to start Finaco.
Where is your startup based out of? Why do you think that is the best place for you?
We are located in J P Nagar, Bengaluru and love working out from this office. We are here since the start of our operations and we feel this is the best place because of the location; it’s quite centrally placed and easily accessible to all our stakeholders.
As a startup founder, what are you paranoid about? What keeps you awake at night?
The idea itself is very challenging and we are really focused to achieve our goal. Over the period we have made mistakes but then we have overcome it. Once CAs start using our services I am sure they would love it and will be amazed to understand that how much ease of doing things it will give to them. Thinking about an idea and working on it are two separate things. I come from non IT background but started working on an IT based system and then delivered it, so these small achievements pushes me to go the next level and deliver my thought process.
Who are your competitions and how are you better than them?
We don’t have a direct competition yet, however few of our services are similar to some other providers. We are different because we are aggregators. We empower experts to go online and deliver across the country and then we also help them with software which allows managing their existing clients.
How hard is it to have a work-life balance as a startup founder and how do you manage it?
Since I come from a finance background and have experience of working in MNCs and handling pressure and deadlines, working for own company with limited resources was never a challenge for us. I am used to working like this and its quite manageable for me.
Have you raised funding? If yes, then we would like to know the details. If no then please tell us if you are looking to raise.
We have not raised funds yet but yes we do plan to do it in the later part of this year. We first want to have good traction numbers with us and then move forward.
What’s the biggest misconception people have about you? Why do they have that? What’s the reality?
People think we are just a CA listing service. They have this misconception because they have not visited our website or probably have not spent time on it to see what all services we offer. Finaco as a whole provide lot of services to clients and CAs. We are basically a one stop solution for all their finance needs and we deliver finance to their doorstep.
What gets you excited about this company?
I really want to solve this for my fraternity. This excites me the most about Finaco. I am sure that other CAs will acknowledge this fact and join us in our vision.
Tell us how a day in your life looks like? Your schedule for a day right from the time you get up till you hit the bed at night.
I don’t have a standard schedule and neither I am particular about doing any specific thing every day. Typically my day starts at 10 AM in the morning and ends at 8 PM. Most of my time goes in solving the service tickets and improving the website features and content. When I am at home I like to spend time with my six-month-old son who now plays with me every day.
Tell us about your team and how did you meet each other?
We have a core team of Finaco.in and then a service network team of CAs and professionals. Combined all we now operate from 5 offices in India and are a team of 50+ professionals. Most of the team members are actually friends whom I connected during my article ship and CA coaching days.
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