This post was most recently updated on March 29th, 2020
How This Bangalore based Startup is Planning to solve the real root cause of Finance sector through Their online Platform “Finaco.in”
When and how did you start?
We started in February 2016 with 2 resources by taking up a small office in JP Nagar, Bangalore.
How did you come up with the idea? Your inspiration moment
The idea of developing Finaco came from Facing and understanding the Real problems Of finance Sector since Last 7 years with no solution
” It started when I used to work as an article assistant in one of the CA firms in Kolkata, I used to go to client’s place do audit work and then used to report base office on Saturday to explain what work has been done and what are the findings. Moreover, I always found that a CA’s office was very much unstructured, full of papers, files, books etc. Sometimes the client’s important papers used to get misplaced.
Another problem was that since clients were busy with their business they used to forget important compliance payment due dates, on the other hand, the CAs were like it is client’s job to make the payment of taxes on time ” Says Mr. Rahul
After passing CA, I always had some relative or friend asking me to refer a CA for their finance work.
Looking at the above problems the idea to develop Finaco was formed.
Brief about organization and founding members
Rahul Khatuwala is the founder and CEO of Finaco.in. He holds a bachelor degree in commerce from the University of Delhi and is also a qualified Chartered Accountant. Rahul has worked in Internal Audit and then in Finance department of one of the top IT companies in India for 4 years. Thereafter he quit his job to start Finance. He has been married to Shalini for five years now and has a 4-month-old son. He comes from Jharkhand and his family has been engaged in multiple businesses for years now.
Currently, Finaco operates with a small team of 2 developers & 2 marketing guys, a part-time CTO and a part-time Business consultant along with the CEO himself.
We started to build the website without any knowledge of website designs, coding languages, testing etc. We just had the idea in mind and from there we started building different modules and then integrated it to launch the first phase of the website in December 2016.
” Currently, Finaco provides you with the variety of features like Finding nearest and industry-specific CAs to book an appointment or consult online. Users can read Finance feed where you can get answers to different topics from industry experts for free or can ask their specific questions. Finaco also offers practice management software where CAs can manage and grow their practice online. CAs can manage their documents, clients, send or schedule reminders, manage their articles, raise and send invoices and tag payments, further can check their receivables at any point in time. They can chat and share documents with their client immediately; overall the service aims to help CAs by increasing their work effectiveness and makes their professional life smooth and fast ”
About funding, plans for growth
As of now, we are actively working towards solving problems related to CAs in Practice, once we are through with this we have plans to connect the platform for CAs in Job and CA Articles.
Challenges and Opportunities/ Marketing Strategies
In terms of Challenges “since we come from a non-IT background we faced difficulties in designing and developing the website ” However, in due course of time, we have learned from our mistakes and have been able to deliver a very useful product.
Future plans and funding
We plan to start the next phase of our marketing around mid-February 2018 and plan to gain some more traction post which we will approach investors for funding.
A quote from the founder on the journey, or dealing with the challenge, or any inspiring moment.
“If you know what you are building and whether it is really required then success is just matter of time – It will definitely come to us.”
Provide some statistics like revenues or Client acquisition
Currently, we are in the process of finalizing the last phase of the website. We are done with the first phase of our marketing campaign and have received a very good response from the market. As a result, we now have 2400+ CAs and 900+ users on board across India.