Mumbai-based SwitchMe has raised an undisclosed amount of funding from a group of investors including Mohandas Pai, Hiro Mashita and Singapore Angel Network. Former TCS employee Aditya Mishra and Sourasis Roy founded SwitchME in June 2012. The funding will be used for market expansions and strengthening their technology.
Aditya Mishra said that
“We wanted to work on the finance and loan interest rate switching, but we wanted to test if the technology would work. In the suburbs of Mumbai, Reliance Energy and Tata Power supply electricity, and by a Supreme Court ruling consumers have the choice of switching between the two. So we built the technology on electricity, and in 2014 when we saw it working we moved to banks.”
SwitchMe is a platform for consumers to switch from one service to another easily. Thus, SwitchMe makes consumer choices real and easy. SwitchMe is India’s first online switching service, designed to make selecting the cheapest service provider, easier than never before. SwitchMe helps consumer to make their choice easy through its comparison engine technology and ground staff. Currently, the service is available in four cities – Mumbai, Delhi, Bangalore and Pune.
By using SwitchMe services customers have saved over 300 Cr. Its technology helps the customer to find the better batch for the services on multiple parameters. This gives a higher success rate which keeps both the customer and lender happy. SwitchMe claims that the customers can save almost 10- 30% of their loan amount.
Mohandas Pai is the Chairman of Manipal Global Education. Mohandas Pai joined Infosys in 1994 and served as a Member of the Board from May 2000– July 2011. He was the chief financial officer from 1994 to 2006. In 2006, he voluntarily demitted the office of CFO to lead efforts in the areas of Human Resources and Education and Research.
Mohandas Pai Chairman of Manipal Global Education said
“that technology is disrupting mortgage markets, allowing for more choices, reducing complexity, thus allowing the consumer to make better decisions.”