What is the vision of your company for the next two years?
Our operations started in July 2014, and in just three quarters we are now online payment partners for more than 100institutes located in 11 cities across the country. In this short span of time we have successfully done the gross trans-actions worth Rs 3 crore on Fee pal. At the current pace we believe in next two quarters we will successfully complete aggregated gross transactions worth Rs 10 crore on Fee pal. Once we reach this benchmark we will be actively looking for funding partners to scale up the business in different geographies. We would also like to have our footprint in the international markets beyond India.There are various international markets which are relatively less mature vis-à-vis India in term of automation in education. They will be our potential targets apart from the domestic market.
In terms of technology and product,we would like to move beyond the core fee aggregation and would also like to sell other education related products and services on our portal such as summer camps for students, school uniforms, on-line courses, online test series etc.
What are the various methods youare using to increase the visibility of your organisation?
Presently we have channelised all our limited resources for institute acquisition. We are using multiple sales channels for the same. For B2C visibility, we leverage upon the networks of educational institutes. We ensure our visibility in educational institutes on occasions like Parent Teacher Meet, Annual Days,College Fests etc.
How do you differentiate your services from your competitors?
Our competitors are banks and payment gateways. In the context of education sector, we have a clear edge over both these competitors. Bank and gateway shave online payment products but they are generic in nature. Fee pal as a product is designed keeping in mind the need of the educational institutes.
Fee pal is a plug and play kind of solution for the educational institutes. How-ever, in order to integrate payment gate-ways, institutes have to incur a cost in upgrading their websites and technical upgradation. We also have provisions for admission form selling and automating the book shops of the educational institutes. Fee pal Android App is the first payment App of its kind in India for the education sector. These are clear differentiators.
What are the major stake holders and sectors you are focusing on?
We have our focus on the education sec-tor. Our target markets are pre schools,schools, colleges, universities and coaching classes. Apart from education, we are also trying to come up with similar online payment products for the health-care industry. We have already started a pilot project for revenue automation with three Bangaluru based hospitals.
What are the various initiatives taken by your organisation to emerge as a market leader?
We want to be a one stop online payment solution for educational institutes (both ecommerce and m-commerce). Our customer centric approach and ability to design customized solutions makes us different from the competitors. Our approach is to add value in the eco system at zero cost for educational institutes.
We are well ahead of the market curve in terms of technological products. For instance we have recently developed India’s first Android app for the education industry where all our partner institutes shall be aggregated on a single platform.