‘Galaxy Card (galaxycard.in)- India’s first Instant Credit Card – No Annual Fee, No Joining Charges, No Interest’ founded by Gunjeet & Amit, shares their motivational startup story.
When and how did you think about Galaxy Card?
Like most fintech startups today, the biggest push for Galaxy Card came from the demonetization in November 2016 and the govt’s increased push for a digital economy. Having already made a successful exit in fintech with his previous startup EashMart (Acquired by PayU Money), Amit had a vision for another startup, this time in the consumer lending space.
From whom you got inspiration to start Galaxy Card and Who is your mentor?
Galaxy Card was born with the aim to make access to credit as easy as possible. Getting a credit card today is a big hassle. You need to submit a ton of documents and then wait 3 to 4 weeks to receive your card and finally start paying.
Often 1 or 2 weeks after submitting the application, the customer finds out that they aren’t eligible. We wanted to leverage technology and our understanding of the consumer fin-tech space to bring access to credit to the previously unserved market of over 100 million Indians.
Introduce your Co-Founder/Founders and Team.
GalaxyCard is led by 2 founders, both of them serial entrepreneurs. Amit Kumar is a full-stack developer and has also worked with Airtel and makaan.com as a product manager. He looks at the tech and product development.
Gunjeet Singh looks at alliances and business development, having extensive on-ground sales experience from his previous startup, TruckLoad.in
Explain more about Galaxy Card, what makes you special and how is it different from others?
Unlike the traditional credit card model, Galaxy Card gives you a credit card in just 3 minutes. No document upload, no joining fee.
Just sign up on the Android app and get an instant credit of upto Rs 10,000. GalaxyCard is India’s first – Instant Credit Card. Pay anywhere with Galaxy Card and enjoy upto 45 days of interest free credit.
What challenges did you face while setting up Galaxy Card? How did you overcome?
“Having prior startup experience certainly helped us but no startup is without its challenges. Startups need to understand that in the beginning, cash is the most important commodity. Your probability of success is directly proportional to how frugal you are.”, says Amit
Gunjeet is quick to add: “A lot of first-time entrepreneurs spend too much time making strategies and over-thinking. Its much more important to execute and start building your product. Doing is better than thinking. Done is better than perfect.”
What’s the Current Path, Galaxy Card ‘s Funding Status and Future plans?
GalaxyCard was conceptualized in early 2017 and after a few iterations and experiments, a pilot was launched in November 2017. So far the startup has witnessed incredible growth; Its user base is growing at 50% each month without any marketing spend.
The startup is planning to raise a fresh round of funding in the next 4-5 months to speed up its journey further, aiming for a monthly transaction volume of 1 crore by end of Financial Year 2018.