Eko’s growth momentum faced several ups and downs, owing to the onset of the pandemic in March 2020.
Eko’s vision to empower the financial dreams of MSMEs and others has ended 2021 on a positive note. India’s fastest-growing fintech platforms recently announced a 30% MoM growth within 7 months. Eko has previously recorded 12.5x revenue growth over 4 years, ending 2020.
Eko’s growth momentum faced several ups and downs, owing to the onset of the pandemic in March 2020. A series of nationwide lockdowns led to a sharp decline in Eko’s and its partners’ businesses, pushing the company to adopt an innovative approach. It was then that the company decided to embrace the digital route to acquire and retain users over its existing offline-only operations. With the solid support of effective digital marketing, Eko has added transacting users at a cost similar to pre-covid offline modes, right in the second month of digital marketing launch. On top of that, Eko has quadrupled the volume of new transacting users in 6 months, exceeding the volumes of pre-covid offline acquisitions per month.
Speaking on the impressive growth statistics, Abhinav Sinha, co-founder Eko, said, “Challenges have always been our driving force. While building Eko, we discovered many gaps in the ambition of young entrepreneurs and the support they may get traditionally. From pioneering money transfer to devising unique credit products like daily loans with flexible payments to extending the services beyond banking transactions, we like to keep up our spirit of continuous innovation. So when Covid presented us with a new challenge, we took the plunge to go completely digital. The user growth that we have seen due to digital marketing in this segment has been very encouraging. We have just begun and have a lot in store for firing the ambition of small entrepreneurs and helping in their growth.”
Eko has scaled its intellectual and financial landscape to build over 100 products and services on its platform. So far, the company has served the needs of 35+ million customers with the help of over 250K entrepreneurs in over 100 cities of India. Processing over $3.4 billion transactions in FY20, the company has achieved a 50% reduction in cost at a 2x volume in 4 months of digital marketing. Moreover, the company has successfully doubled its organic volume of leads with exceptional efforts in the last 2 months. Eko is actively hiring for product, engineering, operations, and marketing roles as well.
Source: Business World