- Mr. Virk, could you share with us the journey that led you to establish Finvasia and Shoonya? What were the key inspirations or motivations?
My brother Tajinder and I are both engineers. We pursued our studies in the US and returned to India with the aim of disrupting the financial services industry by offering innovative and real-time end-to-end financial solutions that cater to the needs of all investors, regardless of their experience level. It was important to us that we give back to the country, and that too by starting our journey in a tier 2 city and our hometown Chandigarh. Our dream to do something for our country was the inspiration and motivation for us. We started this journey by identifying the pain points for traders and finding a way to do good for the customers’ trading journey.
Our years of learning experience in the US enabled us to create a revolutionary financial ecosystem like Finvasia, which is leading disruptions across industries on a global scale. As part of our multi-market financial services company Finvasia, we founded Shoonya in 2013. Shoonya has been established as a fully compliant trading platform with the customers at the core of our business decisions. Revolutionizing the financial services industry in India, Shoonya offers an innovative and user-friendly trading platform, making investing accessible and affordable for everyone.
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As India’s fastest-growing Fintech company, Shoonya is poised to expand into new markets, offering our innovative platform and services to investors around the world.
- Can you explain the ‘zero commission model’ for Shoonya in simple terms? How does it benefit retail investors, and how do you sustain the model?
At Shoonya, we believe that technology-driven financial services should be accessible to all, and we are proud to offer a zero-commission model that provides value for money to our customers. We have created a culture of trust and transparency, putting our customers first in everything we do and delivering real-time end-to-end financial solutions. Our zero commission model eliminates brokerage fees, clearing charges, and hidden costs, making investing accessible and affordable for everyone, irrespective of their investment size or experience level. This disruptive approach has not only attracted a vast user base but also empowered countless investors to participate in the financial markets confidently, democratizing trading like never before.
Our zero charges across 16 parameters that make us a ‘True Zero Trading Platform’ includes zero brokerage across asset classes like Equity Delivery & Intraday, Futures & Options, Currency & Commodities, IPOs, Mutual Funds and Bonds, and ETFs. Apart from this, we have zero Account Opening Charges, zero AMC, zero Call and Trade Charges, zero Hidden Charges, zero Trading Platform Charges, zero Volume Commitment, zero Clearing Charges (NSE & BSE), Zero Charges on APIs & Algo trading, zero Upfront Charges and zero Auto squared-off charges.
After avoiding all these charges, annual savings from brokerage for a regular trader on our platform can be close to the average annual salary of Indians.
- As the Co-founder & MD of Finvasia, you must have had to overcome various challenges. Could you share a few and how you overcame them?
As the Co-founder and Managing Director of Finvasia, the journey has indeed been filled with challenges that have shaped our growth and success. One of the most significant challenges we faced was establishing a financial ecosystem like Finvasia in a tier 2 city Chandigarh, that too back in 2010.
At the time, Chandigarh wasn’t a well-established hub for startups, especially in the finance and technology sector. The ecosystem for mentorship, funding, and networking was limited compared to metropolitan cities. It was difficult to attract skilled professionals to Chandigarh, especially in the fintech sector, due to the perception that larger cities offered more opportunities. To overcome this, we focused on creating a dynamic and inclusive work culture.
Furthermore, building partnerships and collaborations was another challenge. Establishing credibility and connections within the industry required extra effort due to our location. We also had to overcome the scepticism associated with startups from tier 2 cities. So we focused on delivering exceptional value to our clients, showcasing our technology-driven solutions, and consistently exceeding expectations. This approach helped us gain trust and credibility, gradually changing the perception of our origin.
Our decision to set up something as unique as Finvasia was faced with several hurdles. However, by focusing on innovation, fostering a strong work culture, actively seeking partnerships, and maintaining a commitment to excellence, we were able to overcome these challenges and establish ourselves as a successful fintech company. Today, Finvasia is not just a dream for the brothers but is also an example for more entrepreneurs who want to start with a base in smaller cities.
- Shoonya seems to have a strong focus on making trading and investment accessible and affordable. How do you ensure that this principle is upheld in all the services you provide?
Shoonya has an unwavering commitment to making trading and investment accessible and affordable. Our customers have always been at the heart of every decision we make, and this principle resonates throughout our services. Shoonya is on a transformative journey within the Indian financial services landscape, redefining accessibility and affordability with our innovative and user-friendly trading platform. Our goal is to break down the barriers that have traditionally hindered individuals from participating in the world of investing.
We firmly believe that technology-driven financial services should be within reach for all individuals. In line with this belief, we take immense pride in our zero-commission model that emphasizes value for our customers. We introduced this game-changing concept by eliminating brokerage fees, clearing charges, and hidden costs. This bold step has made investing a possibility for every individual, regardless of their investment size or level of experience.
Transparency and trust are the cornerstones of our culture at Shoonya. Our commitment to our customers is demonstrated by consistently putting their interests first. This dedication goes beyond mere words; it’s reflected in our real-time end-to-end financial solutions. We are working tirelessly to create an environment where every investor feels empowered and confident in their trading decisions.
Our journey of innovation continues as we invest in process improvements that make trading accessible to a wider audience. The introduction of the Zero-Commission model was a pivotal step in this direction. By adopting this model, we have not only attracted a vast user base but also fundamentally transformed the trading landscape, democratizing the market in ways previously thought impossible. Our fully compliant trading platform, customer-centric focus, innovative spirit, and transparent practices all contribute to our mission of revolutionizing the way people engage with financial markets in India.
- As an experienced leader, how do you ensure your team stays motivated and aligned with your company’s mission and vision?
Effective leadership, to me, is built upon several fundamental principles that drive our company’s success while creating an environment where our team members can thrive. Transparency, open communication, and collaboration are at the forefront of my leadership strategy. These principles ensure that our team remains united in our mission and aligned with our shared vision for the future.
- Leading by example is a cornerstone of my leadership philosophy. I firmly believe that actions speak louder than words. By embodying the values, dedication, and work ethic I expect from my team, I set a standard that inspires my colleagues to give their very best. This approach creates a culture of continuous improvement and fosters a strong sense of dedication throughout the team.
- Empowerment and trust are key elements in my leadership style. I firmly believe in the capabilities of my team members and provide them with the autonomy and responsibilities they need to excel. By entrusting them with important tasks and decisions, I cultivate a sense of ownership and accountability that drives job satisfaction and enhances overall productivity.
- Clear communication is the linchpin of any successful team. I ensure that I am approachable and encourage open lines of communication at all levels. Regular, transparent, and two-way communication helps in aligning everyone towards common goals and keeps the team informed about the company’s vision and objectives.
- Collaboration is another vital aspect that I prioritize. I believe that diverse perspectives lead to innovative solutions. I encourage cross-functional collaboration and ensure that every team member’s input is valued. By fostering an environment where everyone’s voice is heard, we harness the collective intelligence of the team to achieve exceptional outcomes.
These principles, applied consistently, have proven to be effective in nurturing a motivated and high-performing team. By offering guidance, unwavering support, and ample opportunities for growth, I aim to unlock the full potential of each team member. As a result, our team remains enthusiastic, engaged, and aligned with the mission and vision of Shoonya by Finvasia. It is through the collective efforts of our dedicated team that we continue to drive our company’s growth and success.
- How does your experience of implementing multi-billion-dollar projects in the US impact your approach to Finvasia and Shoonya?
My educational background and work experiences in the US have indeed played a pivotal role in shaping my perspective and contributing to our journey at Finvasia and Shoonya. The privilege of pursuing dual MBAs—one in International Business from Amity University and another from Baruch College in New York—has endowed me with a unique analytical outlook and a business-oriented mindset that have been crucial assets in our endeavors.
During my time in the US, I had the opportunity to engage in implementing multi-billion dollar projects, interact with industry leaders and think tanks, and participate in high-level business processes. These experiences served as the catalyst for my entrepreneurial vision to return to India and establish the Finvasia group. Our group, which has been bootstrapped from the start, continues to maintain a cash-positive status despite the growth of multiple brands under its umbrella.
Being the youngest chairperson of CII (Confederation of Indian Industry) in Chandigarh has been a humbling experience, motivating me to seek out innovative solutions that create tangible value. Over the past decade, I’ve had the privilege of formulating strategies and assessing risks for various businesses across markets, including capital markets and investment banking. It’s important to note that this journey has been a collaborative effort, particularly with my brother Tajinder, who is also the Co-founder at Finvasia.
Our collaborative approach has been instrumental in shaping Finvasia’s growth trajectory and allowing us to disrupt multiple sectors. The amalgamation of my US experiences and the strategic insights of our dedicated team has enabled us to revolutionize the Indian financial services landscape through Shoonya and other initiatives under the Finvasia banner. It’s our shared commitment and innovative spirit that continue to drive us forward.
- Given your achievements, what advice would you give to young entrepreneurs who aspire to create a successful FinTech startup?
As I reflect on my journey as the Founder and Managing Director of Shoonya by Finvasia, I’m pleased to share insights with aspiring entrepreneurs looking to embark on the path of creating successful FinTech startups. The intersection of finance and technology offers an array of opportunities, but the road to success requires a blend of perseverance, adaptability, and strategic thinking.
At the heart of your venture should lie innovation – an ability to identify and tackle industry challenges with fresh, inventive solutions. Dive into the intricate world of finance, acquiring a comprehensive grasp of regulations and emerging trends. Fostering an unwavering commitment to your customers is paramount; shape solutions that tangibly elevate their financial experiences. Lay the groundwork for scalability early on, constructing a sturdy technological framework to support future growth.
A proficient and diverse team will be your cornerstone, driving collaboration, refining ideas, and fostering innovation. Forge strategic partnerships with established financial institutions, leveraging their expertise and resources to navigate regulatory intricacies with precision. Adaptability will be your guiding principle; stay attuned to market shifts and evolving user demands. In times of challenge, your resilience will propel you ahead. In this swiftly changing landscape, the compass of continuous learning will guide you. Embrace the journey with determination as your driving force, knowing that your efforts will shape your accomplishments.
- How do you envision the future of financial services, and how is Shoonya preparing for these future trends?
At Shoonya by Finvasia, we have a proactive outlook on the evolution of financial services and are dedicated to taking a leading role in these changes. As we envision the future, we anticipate financial services becoming more digital, tailored to individual preferences, and easily accessible.
In line with the transformation of industries due to technology, the financial sector is no exception. The widespread use of AI, machine learning, blockchain, and big data is set to completely transform the way financial transactions are carried out, monitored, and safeguarded. At Shoonya, we are actively preparing for these upcoming shifts through a range of strategic initiatives:
- Innovative Technology Integration: Acknowledging that technology is the driving force propelling the future of financial services, we’re consistently investing in cutting-edge technologies. Our aim is to enhance the user experience, streamline operations, and ensure robust security measures.
- Personalization: The future of financial services revolves around the needs of our customers. Shoonya is India’s first trading platform to offer AI-powered predictions and signals, across different time periods. This AI-powered trading platform is capable of analyzing individual preferences, behaviors, and objectives. This way, we can offer customized financial solutions that empower our users to make well-informed decisions.
- Accessible Information: As financial services grow more intricate; it becomes essential to educate users about these complexities. We’re deeply committed to providing accessible educational resources such as webinars, articles, and tutorials. Our goal is to empower our users with the knowledge they need
- Security and Trust: With the surge in digital transactions, prioritizing security is paramount and we are taking the necessary steps to implement advanced security measures. These measures are in place to safeguard our users’ financial data and transactions.
- Global Expansion: The future of financial services is interconnected on a global scale. We’re actively exploring opportunities for international expansion, with the intention to cater to users beyond our current geographic scope.
- Adaptability and Innovation: The financial landscape is rapidly evolving. Shoonya is nurturing a culture of adaptability and innovation, allowing us to swiftly respond to emerging trends and the evolving needs of our users.
Our commitment to staying ahead of these trends is unswerving. By embracing innovation, centering on user experience, and leveraging technology, Shoonya by Finvasia is poised to shape the future of financial services. Our aim is to provide a seamless, personalized, and secure experience for our users.
- As an industry leader, could you share your views on the current state of FinTech in India and what changes you foresee in the next five years?
The FinTech landscape in India has undergone a significant evolution, fueled by a blend of technological innovation, regulatory advancements, and changing consumer behaviors. As we stand today, India’s FinTech sector is characterized by its remarkable growth trajectory, driven by the increasing digital adoption, widespread smartphone penetration, and a surge in the demand for accessible financial services.
Over the next five years, I envision several significant changes in India’s FinTech landscape. First and foremost, I anticipate an even deeper integration of financial services into the daily lives of Indians, with a growing emphasis on providing holistic solutions that cater to a range of needs beyond just payments. We can anticipate further blurring of lines between financial services and other sectors, giving rise to innovative offerings at the intersection of e-commerce, healthcare, and more.
Regulatory frameworks are also likely to evolve, focusing on safeguarding user data, enhancing cybersecurity measures, and ensuring consumer protection. This will play a crucial role in fostering trust and confidence in digital financial services. The role of incumbents and traditional financial institutions will transform as well, as partnerships between established players and agile FinTech startups become more common, facilitating the co-creation of innovative solutions. Furthermore, the accessibility of financial products and services is set to expand, thanks to the increasing penetration of digital platforms in rural and semi-urban areas. This holds immense potential for addressing the financial needs of the underserved population segments and driving financial literacy.
The current state of FinTech in India reflects a dynamic and transformative landscape that continues to evolve rapidly. Over the next five years, we can expect to witness a deepening of these trends, with even greater digital adoption, innovative collaborations, and a broader reach of financial services. When it comes to the global markets, it is a different ball game altogether. Since the concept of zero brokerage is a common factor in the global markets, India is playing catch-up in that regard and hence offering similar zero fees apps to build higher financial inclusion. Low cost gives confidence to early investors to move from mutual funds to stock market. This shift in the Indian markets is beneficial for traders, as it results in reduction of cost to trade and an increased return on investment. Shoonya is dedicated to being at the forefront of these changes, contributing to the growth and evolution of India’s financial services ecosystem.
