At BSE’s SmallCap Spotlight, RNFI leaders shared how a 300 sq ft home-office software project grew into one of India’s strongest last-mile fintech networks, powered by trust, diversification, and relentless product expansion. They explained how compliance, technology and a fast-scaling ‘Sahayak’ agent ecosystem give the company its edge. With 12 new products on the way, RNFI aims to deepen its role as a force multiplier for India’s BFSI sector.
Sheryll D’souza: That’s the reason why you said that I will answer the question when when we have the fireside chat. The fact that he said that they started in 2015 in a 300 square feet area is where all of you started. It was a home office.
So what triggered that and tell us exactly the fact that it is you built a massive last-mile network. What actually went into it? One, what inspired you to do it and what is your aspiration with it?
Deepankar Aggarwal: You are basically a software development company, a very small software development company and somebody in the market who was running the remittance business came up to us and asked to build this system and we went for it but on the delivery he didn’t turn up. So our founder Ranveer and Simran were because we were we were hand-to-mouth in those days.
We were basically working for a very small office and we had very less work. We were hand-to-mouth, we got to give it a shot and what happened came to us. Our philosophy has been only packed, concentrated from beginning.
What we earn, we invest and we grow. This was all about how it started.
Sheryll D’Souza: Right, so that’s amazing even the fact that how y’all actually started and given the fact the way how y’all are so well diversified at this point in time.
You have Aadhaar enabled payment system, you’ll have domestic money transfer, micro ATMs and bill pay and I’m sure I’m missing out a lot more than that. Collections, EMI collection, delinquent loan collection, insurance, forex, delinquency, two-step banking. Okay, I think my page will get like, if I start jotting it down I think I’ll not have space.
So let me ask you this question, which line of your business is actually aiding your growth and which is the one that is actually adding that pressure?
Deepankar Aggarwal: See, we started diversifying at around 2020 when lockdown came in. But our business was one and business grew very well in lockdown because Government of India was shelling aids to people in need and we used a SAIA network to basically dispense that aid. So God has been kind and we created, we created a lot of wealth during those period.
So we started diversifying and hence it is a proven fact today that DMP business has gone down due to the regulation in November 2024 and it has not impacted our PAT. So there is not a single product we are relying on to generate PAT and revenue. It can, it could only impact us temporarily for 10 to 15 years.
Krishna Daga: Just to add on to what Deepankar said, so our mantra has been to add more and more agents, to add more and more products so that we can give it to our agents and to add more and more clients. So this has been our mantra. So we keep diversifying it.
Sheryll D’Souza: So given that’s your mantra and given the fact that you have this high agent network, right, Sahayogs as you call it, given the fact that you have a large agent network, it also means that there is a lot of compliance. So how do you basically dodge that landmine?
Krishna Daga: So we have taken it on from day one, we have built up, because our founders understand the technology so well. We have people from the banking sector who are the most compliant one because they are in the DNA to be compliant enough.
So all those has helped us to build a system which is compliant enough. We keep, you know, adhering to the regulations despite having challenges, you know, we are working with too many regulators, you know, in the insurance sector, in the RPI for Forex business, now with the, being listed now with SEBI. So that has been, I would say, it is acting as a boon and a curse for us, like, you know, it keeps helping us to shape better and better and better.
Sheryll D’Souza: And you are actually involved in this world of FinTech, may I put it so, which also has banks and NBFCs who actually control the rails. So if you could help us understand, how are you actually making your way forward? What’s the real edge for RNFI that no one knows about?
Krishna Daga: As I said in my starting, you know, we want to act as a force multiplier for the BFSI segment. We want to cater them on the ground as well as digitally, so that we become the last mile service corridor for them digitally as well as physically, on the ground.
So that is going to be the edge for us, because we are not only catering to the banking domain, we are catering to the insurance, to the financial institutions for the delinquent loan collection through our agent network.
Sheryll D’Souza: You did say the fact that you are an SME company, you’re listed on the bourses, but making sure that you are compliant just like a main board listed entity. What is that one thing or more than one sort of an area that you want your investors to actually judge you on now? Given the fact that, yes, you are dealing with multiple regulators, I think you are, you have too much of experience on being compliant, but what is it that you want your investors, your shareholders or your future shareholders to actually watch you, watch out for?
Krishna Daga: I would say that, you know, the commitment what we show towards our business is what I can ask my investors and the future investors to believe in us.
We’ll keep showing the numbers, we’ll keep putting our efforts best foot forward to, you know, give the consistent growth and keep diversifying so that their value is enhanced over the period of time.
Sheryll D’Souza: Lastly, let me ask you one question is the fact that if you talk about India and you talk about Bharat like the way you say it, the financial behavior actually still runs on trust. And you did mention the fact about integrity, about trust, about technology.
That’s what you built your company basis on. What have you actually learned in all these years when you talk about scaling up that trust in this entire industry or the country?
Krishna Daga: So as my colleague Deepankar said, how we started a journey, it was the sahayaks who trusted us that point of time when there was nobody to back us. They took it forward, they helped us to launch our platform.
From there, we were able to grow. So that’s how the trust embedded from in our DNA that, you know, that plays a very vital role. Going forward, the partners where we are deepening our relationship that has helped us because they have seen that, you know, what can we deliver for them.
Again, that trust and integrity, which we bring in on the table for them, along with the scalability. And that’s how we focus on, you know, giving the same thing to our investors. If they show that trust and belief in us, we keep giving them the better result on year on year.
Deepankar Aggarwal: One more thing is as Krishna said that when there was no one to back us, our sahayaks were there. So now that is how we are repaying them. We are adding more and more products and services so that their earning could be increased.
And it also helps us in a way that the attrition of the active sahayaks is reduced due to that.
Sheryll D’Souza: All right. And I wish you and your entire team all the very best given the fact that you have a lot of trust riding on you.
And the fact that you are innovating day in and day out. The fact that 12 new products is what you all are aiming to launch. So all the very best to all of you, Krishna and Nimesh as well as Deepankar.
Thank you.