{"id":2838,"date":"2020-04-20T14:56:59","date_gmt":"2020-04-20T09:26:59","guid":{"rendered":"https:\/\/rzpwp.blog\/?p=2838"},"modified":"2024-11-17T22:56:04","modified_gmt":"2024-11-17T17:26:04","slug":"smartcollect-payments-rang-de","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/smartcollect-payments-rang-de\/","title":{"rendered":"Rang De &#8211; Uplifting Rural Entrepreneurs Across India"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Rang De was started to address the huge unmet need for affordable credit for livelihood to overcome poverty. The inspiration for Rang De came from Muhammad Yunus and his contributions at the Grameen Bank. In its earlier avatar, Rang De has successfully reached out to 65,000 entrepreneurs and helped them build sustainable livelihoods. <\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">\u201cOur unique model leverages technology to connect social investors to rural unbanked entrepreneurs.\u201d<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Since their inception in 2008, they\u2019ve been persistent in providing credit at affordable interest rates to credit-starved communities&#8211;early-stage or new entrepreneurs from low-income households. <\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"See How Razorpay Smart Collect Helped Rang De Save 100s of Man Hours | The Game Changers\" width=\"770\" height=\"433\" src=\"https:\/\/www.youtube.com\/embed\/DcAEH9K38hI?start=11&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Razorpay has helped Rang De in serving thousands of rural entrepreneurs across India with affordable credit by helping them raise social capital online from social investors. They have just relaunched Rang De as an NBFC-P2P. They are now regulated by RBI and are excited to be working with Razorpay in their new avatar. <\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">\u201cRang De\u2019s rural entrepreneur network is growing at 50% month on month and Razorpay has played a critical role in enabling this.\u201d<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Rang De uses a key Razorpay feature called <a href=\"https:\/\/razorpay.com\/smart-collect\/\" target=\"_blank\" rel=\"noopener noreferrer\">Smart Collect<\/a> (Virtual Payment Account) to receive repayments from their borrowers across India. Smart Collect makes their operations super efficient and also cost-effective.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2842 size-large\" src=\"http:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/04\/Smartcollect-1024x419.png\" alt=\"Razorpay smartcollect \" width=\"1024\" height=\"419\" srcset=\"https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/04\/Smartcollect-1024x419.png 1024w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/04\/Smartcollect-300x123.png 300w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/04\/Smartcollect-768x314.png 768w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/04\/Smartcollect.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">All of Rang De&#8217;s repayments from their borrowers are powered by Razorpay Smart Collect.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They plan to serve 1 million low unbanked entrepreneurs with affordable credit across the country in the next 5 years, Razorpay\u2019s Smart Collect is going to save them 100s of man-hours every month in doing this.<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">\u201cIntegrating our core product was quite easy with Razorpay. Two weeks off the block, and we were able to migrate most of our social investor\u2019s credit balances from Rang De\u2019s older platform into our new NBFC-P2P platform.\u201d<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">That\u2019s a lot of saved manual effort since all of their repayments now come through Razorpay and are reconciled in real-time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rang De wanted a unified <a href=\"https:\/\/razorpay.com\/payment-gateway\/\">payment gateway for websites<\/a> and mobile, which passed the high-security standards mandated by RBI. With Razorpay, they got more than they asked for.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The story of Rang De<\/span><\/h2>\n<p><strong>We asked, Ramakrishna NK, Co-founder and CEO of Rang De, to tell us more about the birth of Rang De and the way forward for it.<\/strong><\/p>\n<h3><span style=\"font-weight: 400;\">1. What are your company\u2019s vision and goal?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">By reaching out to underserved communities and offering them credit at affordable interest rates, our vision is to make poverty history in India.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Started in 2008, Rang De is a pioneering peer-to-peer lending platform. Our mission is to reach out to early-stage, first-time entrepreneurs from low-income households and provide them access to venture debt at affordable interest rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our unique model leverages technology to connect social investors (lenders) to rural entrepreneurs, Rang De has been able to reach out to 65000 entrepreneurs with credit at really affordable interest rates and helped them build sustainable livelihoods and create jobs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recently, we have transitioned into an NBFC P2P and are on a mission to provide credit to 10 million credit-starved entrepreneurs across India.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. What was the idea behind the birth of Rang De?\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The idea behind Rang De emerged in 2006, the same year when Muhammad Yunus won the Nobel Peace Prize for his work in the field of microcredit. We felt that credit could be a powerful tool to help people fight poverty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the interest rates that borrowers were being charged were exorbitant. We felt something had to be done about it. That\u2019s how Rang De was born &#8211; to connect individuals who needed access to credit with Individuals who could lend small sums of money.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. What is the problem(s) your company is solving?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Our idea was to leverage the power of the internet to connect individuals who want to make a difference sustainably, by creating sustainable livelihoods to thousands of individuals who are either denied or not offered credit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By tapping into the power of many, and decentralizing the source of funds, we have been able to significantly reduce interest rates on our loans to change the lives of potentially millions of credit-starved individuals across the country.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. How do you see your company growing in the coming years?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">We see credit as that financial opportunity that could help people overcome poverty. In the next five years, we would like to reach out to 10 million individuals across the country and provide them with access to need-based customized credit.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rang De\u2019s rural entrepreneur network is growing at 50% month on month and Razorpay has played a critical role in enabling this. <\/p>\n","protected":false},"author":34,"featured_media":2846,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[68,131],"tags":[51],"class_list":{"0":"post-2838","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entrepreneurship","8":"category-customer-stories","9":"tag-payments"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=2838"}],"version-history":[{"count":2,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2838\/revisions"}],"predecessor-version":[{"id":18994,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2838\/revisions\/18994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/2846"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=2838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=2838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=2838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}