Successful Indian - successfullindian

Name - Rachit Chawla

Position - Founder & CEO

Organization - Finway Capital

DOB - 31st July

Location - New Delhi

An Entrepreneur with a Midas Touch

Rachit Chawla, a 34-year-old entrepreneur, is making waves in the Indian fintech world. The Founder of Alphabot India, an automated systematic trading interface and Founder and CEO of Finway FSC finway.in, a holistic financial portal, and Owner of CHC Logistics Pvt Ltd, Rachit is the man with a Midas touch. Every venture he undertakes turns into gold. Read on to know more about this entrepreneur, investor, and mentor to startups. Get an insight into his struggles and strife and how he turned them into golden opportunities.

Early Life

Rachit belongs to a small family from Delhi. And for his graduation he joined Hindu college but within the first three months, he took a transfer to Aston Business School and he graduated from Aston Business School. After having completed his studies, he decided to spread his wings wide and have an experience of the global market. Rachit reminisces, “I thought it’s better that I go abroad and have a global experience to get an idea how corporate life works and how these global companies operate. So I shifted to Aston University in the UK where I did my Business & Management. I worked part time during my college years so that I get enough exposure.” Soon after, Rachit joined Intel Corporation as their Pricing Analyst at EMEA Headquarters based in Swindon, United Kingdom. “The job allowed me to learn how to scale a business.” But the charm of the corporate world could not lure him for long. He craved to return to his roots and decided to return to India and start something of his own. “I also had to support my family business in India so I left my cushy job in the UK and returned home. Also, I always had business acumen. When I was in class 7 I used to lend money to my friends and they would pay me an interest for it. Right from then, I knew how to increase my small savings”, remembers Rachit. He worked in his father’s business, Chawla Highway Carriers (CHC), a logistics company for some time, but he wasn’t completely passionate about it. He wanted to start something of his own. “Within 4 years I implemented an ERP system that helped ease out a lot of work. Earlier, I used to work for 15-16 hours a day even then my work never used to finish. Mainly, because it was not supported by technology and everything used to run manually. Soon the company changed from a people driven organization to a systems driven one.” This was the start of Rachit’s entrepreneurial sojourn. Rachit says, “I continued what my father started 30 years ago. But everything was run manually with more investment on trucks. I thought that there is more scope in third party logistics. The main motive was to invest my money into assets which I appreciate. I started CHC logistics with the prime motto of giving warehousing services PAN India giving third party logistics to customers and started many small warehouses by investing capital so that over a period of time I start getting capital appreciation. In 2014, I left this company on auto pilot and it is still running well.”

Growth of CHC - The Beginning of the Entrepreneurial Pursuit

With the automation of CHC Logistics, today there are more than 20 branches with a turnover of Rs 200 million in just a few years. Speaking about this fabulous achievement, Rachit said, “Getting a turnover was never a challenge. I started taking whatever rate of interest was available and kept on investing continuously giving them services with the best possible price so that they understand the value of money. I also understood the major gap all the warehouses faced. They were in the outskirts of the city and very big in size. So I ensured my warehouses were right inside the cities and small in size. The main benefit was I was able to acquire the warehouse at the best possible price at that point of time. My warehouse was always full so there was no issue filling the warehouse with goods. I commanded a premium right from day one because the warehouse was well located.”

Birth of Finway

After having achieved the best in his father’s company, Rachit came up with the idea of a tech-enabled neo-banking services company.In 2017, Finway was launched with an initial investment of 1 crore. In the first year itself, the disbursements crossed a turnover of 7 crores. In the second year, disbursements crossed 20 crores and in 2020, it crossed the total disbursement mark of 40 crores. Today, Finway has a customer base of 21,000 and disburses loans of approximately Rs 200 crore annually, and aims to cross Rs 500 this year. Speaking about the services offered by the company, Rachit says, “Right from lending whatever kind of loan the customer wants like housing loan, loan against property, personal loan CCOD. Apart from lending we also do health and term insurance. We provide wealth management by a company called Alpha Burt. All the products that we launch are unique in nature in terms of investment. For instance nobody is doing Alpha Burt at the moment. All are digitally natured completely across PAN India.” The main idea behind Finway is to humanize the lending process and empower people financially. Today, a lot of people are choosing Finway for loans and financial investments. Speaking about the benefits of Finway over other such brands, Rachit said, “Our distribution network is vast as we are completely digital. Also, having AI enabled processes the turnaround time for loans is phenomenally low. Lastly, we are cost effective as we do not charge anything from our clients. All our products are independent and there is no commission link to it, which is great value for money for all our clients.”

Risers Accelerator – Another feather in the cap

Rachit is not only a finance lender but also a stock advisor and finance trainer. Through his venture Risers Accelerator, where he is the Co-Founder, Director, and Start-up Mentor, Rachit mentors budding entrepreneurs on how to run their businesses successfully. His experience and knowledge as a finance trainer and stock advisor, he handholds them to scale the business to the optimum. In addition, the company funds businesses. The group takes up stakes in star-ups with different businessmen investing in every new venture. So far, it has funded 9 start-ups with a whopping Rs 7 crore. Some of the start-ups they have invested in include; Sprout Studio (Animation, VFX company), Playtoome (tech-enabled entertainment platform), Zeleno (a recycling startup), and Cosmetofood (an organic cosmetic brand). There are 30 investors in Risers Accelerator which Rachit is one of them.. So whoever joins them, can get access to all the offices globally with entire support from infrastructure to HR.There are 30 investors in Risers Accelerator, of which Rachit is one of them. When asked about how he got into Angel Investing, Rachit said, “When I was doing my entrepreneurial journey I analysed a lot. I realized I would have been so much better if right mentorship was provided. So I wanted to give others the same support so that they won’t make the same mistake again and they can get a jump in their business.” He is one of the leading Angel investors in India. When asked about what private investors are looking for when meeting founders of start-ups Rachit said, “They are looking at the skills the promoters have. If there is something unique, the promoter is bringing to the table something that nobody else can. After that, they look at the product, business model and sustainability. Every organization has a different aim, but while choosing a company, Rachit looks at companies that have a social impact on the society.”

Trials and Tribulations

Like every entrepreneurial pursuit, even Rachit had to go through many challenges but he overcame them with ease. Speaking about it Rachit said, “When you are starting a company, you need two things - a good team and funding. Every businessman is faced with the problem of acquiring talent and making the business sustainable. I also faced these issues. I focused on building trust. There have been incidents where people put in money on pure raise sharing basis. I did lose money at times. It was a dual risk but still I gave the entire money. After 4 to 5 years of building this reputation I can proudly say that whatever amount of money I want to raise is available on a call basis.” Rachit’s success mantra lies in the fact that he has a dual model with agents on ground as well as a digital Fintech platform to automate a lot of processes and expand our reach.”

Future plans

Speaking about his future plans, Rachit said, “ I want to make Finway a global brand. We are already exploring having an international office in Dubai. Whatever is our location, the primary aim is to support startups in that area as well. If I invest in any company that person will have access to the infrastructure I have created for myself. The idea is to be a Global Financial Services Brand.”

Philanthropic Pursuits

Chawla comes from a family of philanthropists. The family does social work for many temples and langar sewa in gurudwaras on a weekly basis. Rachit alone is also associated with NGO Khushi and Walk for Cancer. He is also part of an initiative that takes blind people on holidays.

Secret of Success

Today, Rachit is a successful Angel investor, mentor, and financial advisor. He has worked his way up the ladder with a lot of hard work and dedication. His advice to all budding finance enthusiasts is, “Follow your passion as your entrepreneur journey will be born out of passion. Don’t let money be the driving force behind your pursuits. Also, invest in persistence and be prepared to fall and continue your journey. For all those wanting to get in touch with Rachit, they have a company website. The company is also up on LinkedIn. Many founders reach out to him through LinkedIn. Pearls for wisdom for budding entrepreneurs, Rachit says, “The key is to look for the entrepreneur, not the business. Business might run or might not run but if you invest in the right entrepreneur you will multiply your money. Have a clear vision and goal. Also, the company you keep matters a lot. Network well! When you go after a goal, make sure you see the end of it.”

Awards & Achievements

  • His extraordinary leadership and technological skills helped Finway in winning the Excellence in Artificial Intelligence and Finance Award by Indian Start-Up Convention & Start-Up Excellence Awards 2018
  • Due to his unparalleled entrepreneurial skills, Finway won the title as the Tech Company to Watch Out For BW Disrupt TechTors
  • Due to his inspirational business acumen, Finway is nominated among Top 50 Brands by Exchange4media
  • Participated in various TV Shows on channels like NewsX, Rajya Sabha TV, India News, News Ahead as a panelist
  • Organized various CSR activities to help society and launched a YouTube Financial Literacy Channel
  • Financial Product Branding Award By Indian Brand Convention And BAM Awards - 2018
  • BFSI Smart Tech Award - 2019
  • 9TH BFSI Mart Tech Leadership Awards - 2019
  • The Economic Times Promising Brands 2019-20
  • IVS Awards And Virtual Summit 2020 (Most Innovative Fintech Solution Of The Year)
  • Indian Business Awards - 2020
  • BFSI Award 2020 (Innovative Fintech)
  • Tech Company To Watch Out For BW Disrupt Techtors
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