In an exclusive interaction with Amit Garg, Partner at Protium, we gain invaluable insights into the company's commitment to fueling the ambitions of the MSME sector and its pivotal role in shaping the New India. Excerpts below.
Can you tell us about the services that Protium offers to retailers?
Protium is dedicated to fueling the ambitions of the MSME sector and playing a pivotal role in building the New India. With a wide range of financing products, we cater to the diverse needs of small and medium-sized businesses as well as individual consumers. Our offerings include Loans Against Property, Business Loans, Line of Credit, and Machinery & Equipment finance. What truly sets Protium apart from other players in the industry is our ability to cater to loans of any ticket size, ranging from INR 10,000 to INR 5 crore. This flexibility makes us a one-stop-shop for our customers' financing needs. Whether you are a small retailer looking for working capital or a medium-sized enterprise seeking expansion funds, we have tailored solutions to support the growth of retailers. With our comprehensive suite of products and customer-centric approach, we strive to be the preferred lending partner for MSMEs across India, providing them with the financial resources they need to succeed.
How do Protium's solutions help retailers in improving their business operations?
Protium's solutions have a crucial impact on enhancing retailers' business operations, leading to substantial improvements across various areas. Through our proprietary model, Turiya, we ensure swift fund disbursement, addressing the urgent capital needs of retailers. This expedited process is particularly vital for inventory replenishment, expansion initiatives, and technology upgrades. By offering timely financial support, Protium enables retailers to efficiently manage their cash flow and capitalize on market opportunities promptly. Our solutions also cater to diverse needs, providing flexible ticket sizes that accommodate retailers' specific requirements. Whether it's a smaller loan for day-to-day operations or a larger investment for strategic endeavours, Protium offers tailored funding options. This flexibility empowers retailers to optimize their operations, enhance competitiveness, and foster sustainable growth within the dynamic retail landscape. Furthermore, with our physical presence spanning over 65+ cities, Protium is better equipped to cater to tier 2 and 3 cities, providing localized support and facilitating inclusive economic development.
Can you talk about some instances where Protium's solutions have had a significant impact on retailers?
Protium's solutions have significantly impacted retailers, particularly during the COVID-19 pandemic. As the MSME sector faced a decline in business volumes, Protium emerged to support these businesses. Recognizing the challenges they faced, Protium addressed crucial needs such as access to credit/working capital, digitalization, marketing and exports, and reducing compliance burdens. By providing financial assistance, facilitating digital transformation, enabling market expansion, and streamlining processes, Protium empowered MSMEs to navigate the evolving market landscape. Protium’s support has been instrumental in helping MSMEs compete and recover from the pandemic's impact. Since then, we have served 7,00,000+ customers, disbursing INR 6,100 Cr and creating a loan book of INR 3,350 Cr.
What are the biggest challenges faced by retailers in India today, and how does Protium help them overcome those challenges?
One of the major challenges faced by the retailers in India today is the huge credit gap. Out of over 64 million MSMEs in India, only 14 per cent have access to credit. This leads many MSMEs to rely on informal sources, resulting in locked-up cash flow due to delayed payments. Protium tackles this challenge through a multi-faceted approach. Leveraging tech-driven product innovation, Protium provides customized financial solutions that address the unique needs of retailers. Along with it, the superior risk assessment capabilities ensure responsible lending, fostering confidence among retailers. Additionally, Protium's strong physical presence enables them to better understand local dynamics and provide on- ground support. The vast expanse of our presence over the country in 85+ branches in 65+ cities, helps the tier 2,3 cities to access credit demands easily. By bridging the credit gap, unlocking cash flow, and offering tailored financial solutions, Protium empowers retailers to thrive in the competitive market and drive sustainable growth.
How is Protium using technology to provide solutions to the retail industry?
Protium utilizes engineering expertise to deliver cutting-edge financial solutions and proudly presents Turiya, our proprietary model developed in-house. Turiya was created to bridge the gap in existing financial solutions by integrating risk management seamlessly into the customer journey. With quick disbursements, it offers a highly flexible platform capable of gathering and processing customer information while minimizing the data burden on the customer. Turiya consolidates Protium's financial solutions, allowing for tailored services without compromising on risk management or customer experience. The platform's versatility and reliability have made it the backbone of Protium's ecosystem, providing stakeholders with real-time visibility into various workflows. With Turiya, Protium can optimize customer journeys and meet diverse demands, serving lenders, DSAs, and individual consumers. The platform's capabilities and scalability have enabled Protium to
streamline workflows, support high volumes of business, and prioritize risk-first focus across product, data, and analytics. Recently, Turiya has crossed 40 million transactions on the platform.
How does Protium ensure the security and privacy of data collected from retailers?
At Protium, ensuring the security and privacy of the data collected from our retailers is of utmost importance. Robust measures have been implemented to safeguard sensitive information. We took cloud-native approach, using AWS public cloud and baking data security into system start from network using firewalls to application layers. The data in transit and at rest is always encrypted starting from endpoint devices to applications, APIs and databases using various encryption techniques. The access to the data is controlled via access control at each layer and some of the sensitive data is only accessible by access controlled applications. We conduct gap analysis exercises regularly to keep ourselves compliant. By prioritizing data security and privacy, we strive to build trust and foster a strong partnership with our retailers, demonstrating our unwavering commitment to maintaining the highest standards in data protection.
How can retailers who are interested in Protium's services get started with the onboarding process?
To get started with Protium's services, retailers can begin the onboarding process through the user-friendly Protium app available on Play store, which offers a seamless and efficient experience. The app incorporates several features that cater to retailers' needs, such as quick processing, superior creditworthiness evaluation, hyper-customization, and an omnichannel experience. Protium's in-house proprietary model, Turiya, ensures the swift collection and processing of customer data, enabling loans to be extended in record time. The app goes beyond traditional credit history evaluation and considers additional factors like cash flows, bank statements, and transaction data to assess creditworthiness. This approach makes it easier for retailers to apply for loans. Moreover, the Protium app provides hyper-customized loan options with flexible repayment schedules. The app also offers an omnichannel experience, allowing retailers to access and manage their loan applications seamlessly across various devices and channels. Through the Protium app, retailers can initiate their onboarding process effortlessly, benefiting from efficient loan processing, customized solutions, and a seamless omnichannel experience.
What advice do you have for small and medium-sized retailers to better navigate today's competitive market?
The market landscape is constantly evolving, offering a diverse array of products and undergoing significant technological advancements. Adapting to these changes is paramount to grow in the business. One of the key components is to focus on delivering exceptional customer service, as this is the game-changer in taking businesses to new heights. Personalize interactions, listen to customer feedback, and constantly improve your products and services based on their needs and preferences. Tailoring solutions as per the customer needs is a fundamental aspect. Efficient inventory management is essential for small retailers. Analyze sales data, trends, and customer preferences to optimize your inventory levels, avoid stockouts and ensure accurate stock tracking. By adopting these strategies, retailers can adapt to evolving customer preferences, drive engagement, and establish a competitive edge in the ever-changing retail landscape.