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Investment is all about making your future a better place. It is for the financial security of their capital that one can enjoy in the future. When a person makes an investment, it is to ensure that they get to earn higher returns. Investing in mutual funds goal is not any different.
Mutual funds are a form of investment if people are able to understand it clearly. Now, individuals are able to invest on their own in mutual funds. For non-individuals like businesses, trusts, and others, Takeoff has taken responsibility since 2020. It is India's first online mutual fund distribution platform for non-individuals.
Takeoff - Company Highlights
- Company Name-Takeoff Fintech Pvt. Ltd.
- Headquarter-Hyderabad, Andhra Pradesh, India
- Industry-Financial Services
- Founded-May 2020
- Founder-Prasad R. Lendwe
- Areas Served-India
About Takeoff and How it Works?
The service that Takeoff mainly provides is mutual fund distribution. The main USP is that the entire process is online and condensed from 30 days to 1 day. Companies can now have the luxury to choose from all the schemes from all the AMCs through an easy-to-access platform. They have 24x7 access and the support team is always just a call away.
Takeoff also provides KYC services for non-individual clients like businesses, trusts, government bodies etc. Gone are the days when one has to send mountains of documents to the AMCs and has to suffer the two months of hassle while their KYC was being processed. The Takeoff team takes only minimal documents and gets the KYC processed within just 7-10 working days.
Takeoff - Industry
Takeoff operates in the financial services and mutual fund industry.
Growth in mutual fund industry AUM:
The mutual fund industry has witnessed a growth of 30.82% from 2020 to 2021 with Rs. 26.07 trillion AUM (Assets under Management) in 2020 to Rs. 34.10 trillion AUM in 2021.
Split of investor accounts:
The total number of investor accounts of Takeoff as of March 21 was 9,78,65,529, from which 7,91,859 (0.81%) is Institutional investor accounts and 9,70,73,670 (99.19%) are Retail and HNI investor accounts.
Split of industry assets:
The Total industry assets of Takeoff as of June 21 is Rs. 34,10,403 crore, from which Retail investor assets is Rs. 18,33,568 crore and Institutional investor accounts are Rs. 15,76,835 crores.
Takeoff - Founders and Team
Prasad R. Lendwe
Takeoff is founded by Prasad R. Lendwe, an Electrical Engineer. He is an MBA droupout from Kalina University, Mumbai. Apart from being the founder of Takeoff, he runs a Finance based YouTube channel, Convey by Finnovationz as well and has more than 1.8 M Subscribers.
The current size of the Takeoff team is 15-18 members. The work culture in Takeoff is very relaxed and informal. They believe in working hard and playing harder. It basically means, during office hours, one can find them hunched over their laptops. During lunch, however, the team can be found engaging in spirited table tennis tournaments and other games.
Takeoff - Startup Story
Before starting Takeoff, the company was focused on their Youtube channel Convey by FinnovationZ. Through this channel, they were able to spread financial awareness for the past 6 years.
In Jan 2020, they decided to take some of their own advice and tried to invest on behalf of their company. There are some surplus in the current account and the fact that they are earning 0% interest on it bothered them a lot. After using platforms like Zerodha and Groww in the past, it was wrongly assumed that the process would be just as easy.
It was only after the actual process started, they realised how difficult it is in reality. As there was no dedicated platform working towards the mutual fund investment needs of non-individualism, the idea of the formation of Takeoff first came into their mind.
Takeoff - Mission and Vision
Takeoff's short-term vision is to spread awareness and encourage more non-individuals to begin their mutual fund investment journey. They intend on doing this by providing top-quality service and exploiting their first-mover advantage.
Their long-term vision is to emerge as a complete investment solution for non-individuals and to become a one-stop destination for any kind of investment that companies and other non-individuals want to indulge in.
The core belief is centred on the fact that non-individuals, whether its companies, trusts, proprietors, or any of the others, deserve the same facilities and the same ease that individuals do. In the past few years, thousands of platforms have cropped up for retail investors, but companies have, sadly, been left out. It is Takeoff intention to right this wrong and fixes the imbalance.
Takeoff - Name, Tagline, and Logo
Takeoff Fintech Pvt. Ltd. is the officially registered name of the company.
The company doesn't have an active tagline yet.
Takeoff - Business and Revenue Model
Takeoff is working on a distribution model. The platform is currently free to use for all of their clients and it will always be free to use. Any non-individual can register and open accounts in Takeoff. No amount is charged from the clients. The revenue comes from the AMC (Asset management company). A fixed brokerage amount is paid for each AMC.
Takeoff - Challenges Faced
The lack of awareness among the non-individuals in India that they too can invest in mutual funds on behalf of their organization is the most challenging part of Takeoff. The conversion is not easy from a lead to an active investor, as the company has to explain the whole product and the industry at the same time over a very short span of time to their clients.
Takeoff - Growth
The journey from 0 to 100 Clients
The journey was of severe ups and downs, like a roller coaster. Takeoff got their first client in December 2020 on their beta version and after some infertile months, the platform started gaining recognition, through several marketing campaigns. Currently, they have over 550 registered users and the company is experiencing slow but steady growth, they believe in value over volume.
Takeoff believes that the best customer retention can be achieved only through superior customer service. Investments are a fairly complicated process, even if one makes it seems as easy as possible, clients will still have doubts. It is very important to make the clients feel as though the company is with them at each step along the way, in case they encounter any kinds of difficulties. This process has helped Takeoff in retaining its clients.
Takeoff - Advertisements and Social Media Campaigns
Takeoff has tried various platforms and a plethora of campaigns to generate leads and convert them to active investors. LinkedIn ads and their own Convey YouTube channel have been proved a constant success for the company. The company is looking forward to more events and other activities so that they can reach out to the target audience and make the platform enriched with the soul vision of the company.
Takeoff - Future Plans
The company is doing quite well. It has started to make a name for itself and is experiencing a steady inflow of clients in future. Both their client base and the AUM have started to increase.
Takeoff - FAQ
What is Takeoff?
Takeoff is India's first online mutual fund distribution platform for non-individuals. They help non-individuals like companies, government bodies etc to invest in mutual funds.
Who is the founder of Takeoff?
Takeoff is founded by Prasad R. Lendwe.