Securing Livelihoods

Lakshya

Social Enterprise, Enterprise

Founder / CEO
Nishant Kumar
Headquarters
Bengaluru, Karnataka

Lakshya is a fintech start-up whose mission is to improve the financial health of the low and moderate income segments by focusing on savings and insurance. It focuses on providing access to suitable financial products and building scalable digital platforms to disseminate product literacy.

It builds and manages the financial portfolio of low and moderate income Indians, especially informal workers, by giving them a mix of product knowledge and financial solutions suitable to their demography and occupation.

COVID-19 Response

Lakshya encouraged, motivated and nudged users to save regularly after the start of the first lockdown. This helped many of its users to sustain themselves when their income was little or nothing during the second lockdown. These savings proved to be helpful when family members were hospitalized – savings coupled with insurance helped them manage burgeoning expenses and avoid high-interest credit.

Perhaps no other time would've shown the importance of improving the financial health of the underserved. About 80% of Indians did not have enough savings to manage one week of lockdown. It's important to leverage COVID-19 to work to improve financial health – making financial products work for the poor, especially savings and insurance, so they don't have to depend on perennial credit.

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Partners

Aavishkaar GroupCatalyst 2030COVID Response Alliance for Social EntrepreneursSankalp ForumSchwab Foundation for Social Entrepreneurship

Find out more about the initiative on