Biography of Manish Khera: Founder & CEO of Happy Loans-Indian Entrepreneur

 Biography of Manish Khera: Founder & CEO of Happy Loans & Ex-CEO of Airtel Payments Bank

The Journey of Manish Khera: 

Early Career and Foundational Experience

Manish Khera's journey in the financial sector began in the early 1990s at ICICI Bank, where he worked from 1993 to 2005. His tenure at ICICI Bank was marked by significant contributions to corporate and structured lending, transaction banking, and banking technology. His experience at ICICI laid a strong foundation for his future ventures, shaping his understanding of financial systems and innovations.

Vision for Financial Inclusion

During his time at ICICI Bank, Khera recognized the challenges faced by underbanked populations in India. In 2004, he established the Alternate Channels Group (ACG) within the bank. The group's mission was to explore unconventional methods to provide banking services to underserved segments of the population. This initiative aimed to create accessible banking solutions for those lacking traditional banking infrastructure.

Innovating with FINO Paytech

In 2006, Manish Khera founded FINO Paytech, later known as FINO Payments Bank. His vision was to leverage biometric technology and a paperless approach to reach the unbanked and underbanked. Under his leadership, FINO Paytech grew rapidly, servicing over 70 million customers through more than 50,000 Business Correspondent points. This achievement marked a significant milestone in the microfinance sector.

Expanding Horizons with YTS

Following the success of FINO Paytech, Khera invested in Yatra Tatra Sarvatra (YTS) in 2014. YTS focused on mobile banking solutions that enabled migrant workers to transfer money and conduct banking transactions using low-cost phones. This venture demonstrated Khera's commitment to addressing the financial needs of individuals without access to conventional banking services.

Transition to Airtel Payments Bank

In 2015, Khera transitioned to a new role as CEO of Airtel Money Services Limited, which later became Airtel Payments Bank. This position allowed him to further his mission of financial inclusion by leveraging Airtel's extensive network to offer banking services. His leadership helped expand the reach of digital financial services in India.

Biography of Manish Khera: Founder & CEO of Happy Loans-Indian Entrepreneur/ & Ex-CEO of Airtel Payments Bank/Success story of Manish Khera/Age/Worth 

Recognition as a Young Global Leader

Manish Khera's contributions to financial inclusion and innovation did not go unnoticed. In 2011, he was honored as a Young Global Leader by the World Economic Forum. This recognition highlighted his impact on the financial sector and his role as a pioneer in promoting inclusive banking solutions.

Academic Background and Early Achievements

Khera's educational background played a crucial role in his career. He holds an engineering degree from Delhi College of Engineering, an MBA in Finance from the University of Delhi, and an M.Phil. in Environment and Development from the University of Cambridge. These qualifications provided him with a diverse skill set, combining technical expertise with business acumen.

Founding Happy Loans

In 2016, Khera launched Happy Loans, a fintech startup aimed at providing small, short-term loans to micro-enterprises in India. The company’s innovative approach included a paperless loan application process and quick disbursement, addressing the credit needs of small businesses that often struggle with traditional banking systems.

Leveraging Data for Financial Solutions

Happy Loans utilizes advanced technology and data analytics to offer personalized financial solutions. By partnering with various technology aggregators and leveraging data from merchant operations, Happy Loans provides customized credit solutions. This approach helps keep non-performing assets (NPAs) low and ensures fair pricing for borrowers.

Overcoming Barriers to Credit Access

Happy Loans addresses several barriers faced by micro-enterprises, including accessibility, convenience, and terms of credit. The company’s digital platform simplifies the borrowing process, offers flexible repayment options, and provides competitive interest rates. This approach contrasts sharply with the rigid and often expensive terms offered by traditional moneylenders.

Growing the Reach of Happy Loans

Since its inception, Happy Loans has made significant strides in expanding its reach. The company has disbursed over 14,000 loans to more than 7,000 micro-enterprises. It aims to disburse 150,000 loans to 100,000 businesses by the end of the fiscal year, demonstrating its commitment to supporting small enterprises across India.

Collaborations and Partnerships

Happy Loans collaborates with various partners, including merchant acquirers and POS vendors, to facilitate loan disbursement. These partnerships help the company reach a broader customer base and streamline the lending process. By working with established networks, Happy Loans ensures that its services are accessible to a wide range of micro-enterprises.

Addressing Financial Needs of MSMEs

Happy Loans focuses on providing financial services tailored to the needs of micro, small, and medium enterprises (MSMEs). The company offers working capital loans to manage day-to-day operations and business expansion loans to support growth. This comprehensive approach helps MSMEs overcome financial challenges and achieve their goals.

Impact of Demonetization

Happy Loans was launched just before India’s demonetization in October 2016. Despite the challenging economic environment, the company capitalized on the growing digital payments landscape. By developing an AI-driven algorithm for credit assessment, Happy Loans positioned itself as a leader in digital lending.

Innovating Loan Products

Happy Loans offers a range of loan products, including weekend loans, 30-day loans, and single-day loans. This variety allows businesses to choose credit solutions that best fit their needs. The company’s flexible product offerings address the specific requirements of micro-enterprises, providing them with tailored financial support.

Building a Robust Lending Platform

The success of Happy Loans is attributed to its robust digital platform and innovative approach. The company’s application process is user-friendly and efficient, allowing customers to apply for loans with minimal paperwork. This streamlined process enhances the overall borrowing experience for small business owners.

Funding and Financial Model

Happy Loans has secured debt funding of up to Rs 42 crore from various sources, including lenders, friends, and family. This funding supports the company’s operations and growth initiatives. The business model focuses on leveraging technology to offer accessible and affordable credit solutions to micro-enterprises.

Achieving Business Objectives

The company’s strategy includes expanding its network of partners and increasing its customer base. By the end of the next fiscal year, Happy Loans aims to reach 100,000 micro-enterprises. This ambitious goal reflects the company’s commitment to scaling its operations and making a significant impact in the financial inclusion space.

Recognition and Awards

Manish Khera’s efforts in financial inclusion and innovation have earned him several accolades. He was recognized by E&Y as the "Entrepreneur of the Year 2011" and received the Forbes India Leadership award for "Outstanding Start-Up" in 2012. These honors reflect his contributions to transforming the financial landscape.

The Vision for Future Growth

Khera’s vision for Happy Loans involves continuing to innovate and expand its services. The company’s focus on digital lending and customer-centric solutions positions it well for future growth. By addressing the financial needs of micro-enterprises, Happy Loans aims to contribute to India’s broader economic development goals.

Empowering Small Businesses

Happy Loans plays a crucial role in empowering small businesses by providing them with access to quick and affordable credit. The company’s approach helps businesses manage cash flow, invest in growth, and overcome financial challenges. This support is vital for the success and sustainability of micro-enterprises.

Bridging the Credit Gap

Through its innovative lending platform, Happy Loans is bridging the credit gap for micro-enterprises in India. By offering paperless and accessible financial solutions, the company is making a significant impact on financial inclusion. This effort aligns with Khera’s broader mission of improving access to banking services for underserved populations.

Shaping the Future of Fintech

Manish Khera’s work with Happy Loans and previous ventures has positioned him as a thought leader in the fintech sector. His focus on leveraging technology to enhance financial services has shaped the future of digital lending in India. Khera’s contributions continue to drive innovation and inclusivity in the financial sector.

Manish Khera: Timeline

1993-2005: Worked at ICICI Bank, contributing to corporate lending and banking technology.

2004: Established the Alternate Channels Group (ACG) for underserved banking.

2006: Founded FINO Paytech, serving 70 million customers with biometric technology.

2014: Invested in Yatra Tatra Sarvatra (YTS) for mobile banking solutions.

2015: Became CEO of Airtel Payments Bank, expanding financial inclusion.

2011: Recognized as a Young Global Leader by the World Economic Forum.

2016: Launched Happy Loans for small, short-term loans to micro-enterprises.

2016: Launched Happy Loans just before India's demonetization.

2017-2024: Disbursed over 14,000 loans, aiming for 150,000 by fiscal year-end.

2024: Continues to drive innovation and growth at Happy Loans.

 Biography of Manish Khera: Founder & CEO of Happy Loans-Indian Entrepreneur/ & Ex-CEO of Airtel Payments Bank/Success story of Manish Khera/Age/Worth