Raoul Kapoor, COO of Andromeda, runs the biggest loan distribution team in India having presence in 250+ cities supported by 2000 + employees, 3500+ agent partners and disbursing 20000 crores of loan products per annum. He has built this business from scratch and continues to further deepen Andromeda’s geographic and market penetration. In his previous stint, Raoul was employed with Citigroup where he spent 8 years within different divisions of Retail Banking.
In this interview, Raoul talks about his life goals, philosophy and what keeps him going month on month.
1. Why did you decide to enter the lending business?
During my stint at Citibank, I sensed a huge opportunity in the retail lending space in India. India’s mortgage debt-GDP ratio was under 10% at the time which was the lowest compared to all our peer countries. The low debt-to-income percentage and the growing aspirations of the middle class compelled me to view lending as a lifetime business opportunity.
My prime focus was to make lending as uncomplicated as it could get and make help loans available to the borrowers 24x7. Concerned about the lack of information about hidden costs, loan procedure, and the general inconvenience faced by borrowers, I wanted to take these out of the equation with our offering. This is one of the reasons why Andromeda Loans was formed.
Today, Andromeda is the largest distributor of mortgages and loans such as unsecured business loans, personal loans , and home loans. We have partnered with about 70 banks all over India to help individuals get a loan in the fastest time possible. We also wanted to make resources available at the disposal of our clients in the form of detailed information regarding eligibility, tips, EMI calculators, and more.
2. How has COVID-19 affected your business?
COVID-19 has made us go back to the drawing board and rethink our business strategy. Since the lending industry is dependent on the economy, it indeed was a tough time for our business.
The digital lending channels have shot up in demand and we need to make the entire process as convenient as possible. We need to switch over to cutting-edge technology to create a loan disbursal ecosystem that will be seamless, quick, and risk-free. We are slated for a digital transformation with the industry realizing the true potential of transacting online.
3. How do you leverage digital strategies in your business?
Going digital is the way forward and more so in the lending business. In one line, I can say that – either the banks will become tech companies or the tech companies will become banks. We will definitely see one of the two scenarios coming true.
With Digital Banking and payments booming, convenience now is more of a necessity. There is a massive surge in the use of the internet, especially in smaller towns, which are undoubtedly the next Tier-II & Tier-III markets for us to cover. More and more people are now comfortable carrying out online transactions. There is an opportunity here for everyone in the industry. Boosting innovation, capabilities, and introducing new business strategies will certainly prove rewarding.
The expectations of customers are evolving post-pandemic. They want everything at their fingertips, be it service or information. The pandemic has proven to be a catalyst for the fintech industry. With the acceptability and demand shooting up, we have a lot to leverage in terms of cloud-based processes, automation, and tech solutions. Providing complete virtual transactions is going to be the future. We are planning to build a compact and seamless solution that will address the concerns of individuals who lead fast-paced lives.
We are reimagining our offerings with the evolution of needs and choices. Skill up-gradation and safety are our prime focus. Digital innovation is for sure going to be a core element of our business.
4. What keeps you motivated?
First up, I love my work because I picked a career that I was passionate about. My love for offering services that transform people’s lives radically keeps me motivated. For instance, the pandemic has forced me to think of ways that can promise utmost convenience to the borrowers so that they can avail loans when they need them the most.
As the lending industry is evolving, it is throwing new challenges our way. This surely is going to me help me grow professionally and I want to continue doing this throughout. Also, looking at the actual market size, and realizing how little we have achieved in all this time with so much left to be accomplished does pump me up.
It has also taught me that we play a significant role in the lending industry making us feel we are part of the economic wheel that has to keep chugging along. I find this very much motivating in driving our organization on a daily basis. Moreover, our PM, Mr. Modi, is pushing for a 5 trillion-dollar economy by 2025 which will result in a 3x jump in the lending business. It is no wonder that we have a lot of work to do to revolutionize the sector.
5. Who has been a role model to you and why?
There have been many who have inspired me throughout my journey. I love the way Mr. Aditya Puri has built a world-class banking institution. I admire his iconic leadership and the revolutionary approach he took to build a world-class financial institution in India when no such similar institutions existed in our country.
Then, there is Mr. Azim Premji. He has an upbeat and inspiring personality. I also love him for the philanthropy work that he is doing. If I have to pick someone from the loan distribution business, then it has to be our CEO, Mr. Swaminathan, for starting and managing India’s largest loan distribution business. His vision has truly transformed the way lending takes place in our country.
6. How do you maintain a solid work-life balance?
It is crucial to take time out for yourself and the family. Though it is quite challenging owing to the fast-paced lives we lead, I try to do the balancing act. I believe in having a frank and transparent relationship with my team and business partners. I don’t hesitate in turning down requests from my team if I am with my family unless the matter is really urgent and requires immediate intervention from my end. You cannot be at two places at once. I don’t want my family to feel that I was never there for them.
7. What traits do you possess that make a successful leader?
I believe that a leader needs to be honest, transparent, and most important of all, a good communicator. The one who has a clear vision of the future and a detailed understanding of the present is bound to make a good leader.
In our organization, we take every team member along and make them believe in the big picture. I define the entire process in just 3 words – NIYAT/NEETI/RANNETI (Intention/Policy/Strategy). We say this all the time to every team leader and to the emerging leaders in our business.
You cannot be a leader if you cannot lift others up and if you do not acknowledge the contributions of others. Everybody is doing their bit, and when you are running an organization, you need to make them realize the massive change that they bring about through their work.
8. What has been the hardest obstacle you’ve overcome?
Although there have been many obstacles that I’ve tackled after assuming the role, COVID-19 has been the toughest one to manage by far. It has made me re-evaluate my strategies and learn to adapt to changing circumstances. The massive economic disruption the pandemic resulted in has made me embrace rapid transitions which are the need of the hour.
9. What is one piece of advice that you have never forgotten?
Mr. Narayan Murthy’s words on managing large businesses – “When in doubt, just disclose”. It is something that I can never forget. It has really helped me in my journey by adding more customers, partners and even in retaining my employees.
10. Outside of work, what defines you as a person?
I am intrigued with life and its various aspects, both on the materialistic and spiritual planes. What we do and the choices we make certainly define who we are. I am on a journey to explore the varied aspects of life, for both self-progress and the larger good of society.
