His First Salary Was Rs 10,000; Today His Startup Helps MNCs In Debt Collection; Valuation Rs 400 Crore

Breaking away from the traditional path to carve a new trajectory for oneself is done by very few people. Most often, those who choose a different path, face failures, and struggles but ultimately get success. The success stories of many startups are testimony to the visionary thinking of bright minds and that is the sole reason that India has been able to produce so many unicorns while many more are in the making. One such story is of Siddharth Agarwal, a Mumbai-born Engineer who not only broke an unsaid tradition of his college but went on to build a successful startup after initial failure.

Who Is Siddharth Agarwal?

Siddharth Agarwal was born in 1980 in a middle-class family in Mumbai. He completed his schooling at Holy Family High School and did engineering from the Sardar Patel College of Engineering, Mumbai. Since Sardar Patel is one of the prestigious engineering colleges, there was an unsaid tradition that most of the students used to go for an MBA or MS  from  America after completing graduation. Even the majority of Agarwal’s batchmates opted for these but he chose to remain in India and fulfil the dream of building his own tech startup.

Siddharth Agarwal’s Initial Journey

Agarwal’s first job was with a company called Zycus. With this firm, his first salary was Rs 10,000 or a package of Rs 1.2 lakh per year. Then he worked with an IIT-Bombay startup, Myzus and subsequently moved to Mindcraft. However,  Agarwal carefully chose his employer keeping in mind his ambition to start his own venture.

The Failed Startup And Birth Of Mobicule

Agarwal started his first venture in 2005 along with a partner. It was a services company but could not continue due to partnership issues. He then kept working on different ideas and finally started Mobicule. The company today operates in pioneering software in Debt Collection & Recovery, KPI & Gamification & Digital KYC. While the company faced initial reluctance due to being tech-driven, with the growth of the Mobile-first approach, it became a go-to service provider for many MNCs including top banks in the country. While the company earned less than Rs one crore in its first year, its current year revenue target is around Rs 35 crore while the company is valued at Rs 400 crores.

Traditionally, debt collection agencies often resorted to aggressive recovery tactics to combat delinquencies, leading to unpleasant customer experiences and poor reputations for collectors. To eliminate these setbacks and create a healthy ecosystem for everyone involved, regulators like the Reserve Bank of India (RBI) have established stringent policy frameworks and regulatory guidelines that encourage players to be more empathetic and methodical with their communication and recovery approach. And at this stage, Mobicule comes into play. It keeps itself updated with these regulatory guidelines and actively engages in customer interaction to identify existing and potential grievances. The platform is also equipped with fraud control mechanisms and compliance tools.

Inspiration For Many

By breaking away from the norm and embracing change, individuals have the chance to discover their true passions, talents, and purpose, leading to a more authentic and meaningful life. Agarwal’s story is one of those that shows you may get hit hard but will eventually succeed if you are determined to pursue your passion.