Latest news with #ruralIndia
Finextra
4 days ago
- Business
- Finextra
Bridging the Urban-Rural Divide: How Integrated Financial Platforms Are Driving Financial Inclusion: By Kunal Jhunjhunwala
India's digital economy has been nothing short of remarkable; UPI transactions crossed 16.99 billion in January 2025 alone, fintech startups are flourishing, and banking is now more mobile than ever. However, beyond the metros and Tier-1 cities, the picture is not quite as ideal. In India's rural and semi-urban pockets, millions still struggle with limited access to formal financial services, creating a digital divide that mirrors socio-economic inequalities. The real problem in these areas is that financial needs are rarely limited to just one service; they often span payments, savings, credit, and risk protection. Hence, a solution that has the combined ability to address all these needs through a single access point is required, removing the friction of fragmented services. This is where integrated financial platforms play a crucial role, working in the background and quietly reshaping the experience. They are bridging the gap between first-time access and long-term financial inclusion by making payments, banking, credit, and insurance available through a single, user-friendly interface. Power of Localized Solutions The need for integrated financial platforms in rural areas is critical, largely due to low digital literacy. While 40.2% of urban residents use online banking, only 21% in rural India do - revealing a gap that reflects not just digital access, but digital confidence. This digital divide is further deepened by the lack of nearby bank branches and unreliable internet connectivity, forcing people to travel long distances—often at a high cost of time and money, to access basic financial services. On top of that, language barriers make it even harder for many marginalized sectors to navigate and adopt digital tools, limiting their participation in the formal economy. Integrated platforms address these challenges using mobile-first technology and offline-to-online (O2O) models. Through smartphones and offline-compatible devices, users in remote regions can access essential financial services without the need to travel long distances to physical branches. Complementing this, these platforms have adopted multilingual interfaces and intuitive designs, offering easy-to-use apps in various regional languages. This enables users from diverse linguistic backgrounds to direct services easily and confidently. Furthermore, assisted commerce models have emerged as a key solution. Local agents, often community members themselves, guide users through digital transactions, helping them onboard despite limited technological experience. For example, integrated platforms often collaborate with Kirana stores and service agents who double as trusted financial facilitators. A customer visiting their neighborhood Kirana store for groceries can now also pay utility bills, withdraw cash, or explore credit options — all with real-time assistance from a trusted local agent. This hyperlocal model builds trust and integrates financial access into familiar, everyday routines, encouraging gradual and sustained digital adoption. In parallel, these platforms prioritize user security by providing transparent and easy-to-understand information about data protection practices. This clarity plays a vital role in fostering trust and encouraging participation among communities traditionally wary of digital systems. Plan In Action Integrated financial solutions are the silent architects of change in underserved communities, touching sectors like agriculture, entrepreneurship, and women's empowerment—each finding its own path to growth and inclusion. For example, local shop owners, tailors, or mechanics can now access formal credit without the traditional barriers of collateral or complicated paperwork. By creating digital profiles and submitting simplified applications, they can apply for small business loans through mobile-based services. This access to timely credit enables them to invest in inventory, expand their services, or hire additional help, sparking local economic growth. Similarly, smallholder farmers facing weather-related uncertainties and crop failure now have easier access to micro-insurance schemes. These can be enrolled directly via mobile phones or through nearby agents, ensuring they can recover quickly from natural setbacks. With this, rural women, especially those running home-based businesses or self-help groups, are also reaping the benefits of integrated financial services. With access to digital wallets, savings accounts, and secure payment systems available in regional languages, these women can easily receive payments, pay bills, and build credit histories. This newfound financial autonomy enables them to scale operations and invest in future growth. Look Out for Geographical Divide The gap in digital payment adoption is stark, only 16% of rural populations engage in digital payments, contrast to 46% in urban areas. This divide highlights the urgent need for strategic partnerships, policy reforms, and infrastructure investments to close the gap. Moreover, financial inclusion goes beyond account ownership; it provides pathways for individuals to actively engage in the formal economy. By aligning integrated platforms with government schemes, millions can gain access to essential financial services and find new growth opportunities. With technology as an enabler and the right partnerships in place, financial inclusion can evolve from a long-standing aspiration to a nationwide reality.
Entrepreneur
20-05-2025
- Business
- Entrepreneur
CureBay Raises USD 21 Mn Series B to Scale Rural Healthcare Delivery
The Series B round was led by Bertelsmann India Investments, with continued support from existing investors Elevar Equity and British International Investment. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. CureBay, a hybrid healthcare platform focused on rural India, has raised USD 21 million in a Series B funding round led by Bertelsmann India Investments. The round also saw participation from existing investors Elevar Equity and British International Investment. The capital will be deployed to strengthen CureBay's proprietary tech stack and fuel its expansion into new states such as Jharkhand, Bihar, Uttar Pradesh, and Madhya Pradesh. The company plans to invest in AI-driven platform upgrades, rural-first workflow automation tools, and proprietary algorithms that support predictive healthcare and operational efficiency. "We are focused on addressing healthcare access challenges in underserved regions," said Priyadarshi Mohapatra, Founder and CEO of CureBay. "The funding will support the next phase of our scale-up, including technology development, team building, and operational expansion." Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mohapatra, and Sanjay Swain, CureBay was created to bridge the healthcare gap in rural India, where doctor access is limited, and hospital visits often lead to income loss and exploitation by healthcare brokers. "They get lured into clinics that promise quick treatment, pay money, and often get subpar care. That's the reason they avoid traveling for care," Mohapatra explained. To address this, CureBay provides concierge-style support for rural patients referred to tertiary hospitals. A dedicated assistant accompanies them—like a trusted family doctor—ensuring they receive the right treatment without confusion or exploitation. CureBay's hybrid model combines tech-enabled eClinics with a digital infrastructure that offers doctor consultations, diagnostics, pharmacy delivery, and referrals—all under one platform. Its unique "circle" clinic network is supported by integrated logistics, local diagnostics, and medical partnerships. "While most rural solutions remain fragmented, CureBay uniquely delivers the full continuum of care under one platform," said Pankaj Makkar, Managing Director, Bertelsmann India Investments. "This investment reflects our commitment to mission-driven companies transforming Bharat." CureBay operates over 150 eClinics across Odisha and Chhattisgarh, delivering affordable and accessible healthcare to rural households. Its preventive care program has 90,000 active members with a renewal rate exceeding 60%. The company reported that its Balasore and Puri circles have achieved operational profitability, showcasing the viability of its rural-first healthcare model.
Entrepreneur
09-05-2025
- Business
- Entrepreneur
From Rural Roots To Global Recognition: Vijay Naidu's Fintech Revolution
As India's first fintech leader and network marketer to be awarded a diplomatic passport, Naidu's journey defies convention — and his impact defies limits You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In the fast-paced world of fintech — where innovation meets necessity — few names carry as much credibility and influence as Vijay Naidu. From transforming financial access to mentoring thousands of entrepreneurs, Naidu isn't just part of the conversation; he's actively redefining it. As India's first fintech leader and network marketer to be awarded a diplomatic passport, Naidu's journey defies convention — and his impact defies limits. A vision beyond boundaries At the intersection of technology, entrepreneurship, and economic empowerment, Vijay Naidu has carved a niche few dare to explore. Over the past decade, he has pioneered platforms that democratize financial services, scaled communities of entrepreneurs, and backed disruptive ventures poised to shape the future. A champion of financial access Naidu's fintech mission is rooted in a radical belief: financial tools should serve the many, not the few. From mobile-first banking to blockchainpowered investment platforms, his innovations reach thousands in rural and semi-urban India. These are more than tools — they're economic lifelines for the underserved. Redefining network marketing Before fintech became mainstream, Naidu had already revolutionized network marketing. Building a thriving community of 80,000 entrepreneurs, he proved that scalable mentorship and systems could turn ordinary people into success stories. For many, he didn't just offer opportunity — he offered transformation. A global force Naidu's diplomatic passport symbolizes global recognition of his work's international significance. It has enabled deeper cross-border collaborations, helping expand fintech education and access across developing economies. His vision: to use technology not only as a tool but as a bridge — connecting people, ideas, and opportunities. The investor with integrity Now focused on investing in early-stage fintech ventures, Naidu brings more than capital — he brings mentorship, strategic clarity, and a commitment to impact over hype. His portfolio is built on ethics, scalability, and empathy. What's next? For Vijay Naidu, the future isn't a destination — it's a mission. As he continues building systems, platforms, and legacies, one truth remains: he's not just leading industries. He's building the future of financial freedom — for India, and beyond.
