Digital payments have undoubtedly brought about an incredible financial transformation across the length and breadth of the country. It has proven to be a boon for micro-enterprises and small businesses, helping them widen their customer reach and enabling them to track their performance. Moreover, digital payments have improved financial inclusion for SMEs by providing them access to formal banking channels. This has not only enhanced their credibility but also facilitated their access to loans and other financial services that were previously difficult to obtain. Transactions have become quick, hassle-free, and easily accessible, while financial aid is now more readily available, empowering the dreams of many aspiring entrepreneurs. Today, we will celebrate one such inspiring story—the story of Mr. Uday Patil. Uday’s story resonates with the words of wisdom of America’s greatest inventor, Thomas Edison who once said, “If we did all the things we were capable of, we would astound ourselves.”
Uday Patil studied Hotel Management in Kolavah. He worked as a server at All Stir Fry and also spent 2- 3 years working at the Oberoi. Post that, he worked for 9+ years at Carnival Shipping. After more than a decade in the F&B industry, Uday started his first shop with the support of his father around 7-8 years ago. His father, an ex-navy person, and his family, which includes his parents, wife, and two kids, have been instrumental in his journey. Using his savings from previous jobs, Uday opened his first shop and later obtained loans from different banks to open additional ones. Currently, he owns “The Cake And Cream Factory” in Nerul, Mumbai, along with 8 other shops spread across Navi Mumbai. He also employs a staff of 35 to 40 people and runs a production facility.
Uday first heard of BharatPe from one of its executives who explained the various facilities provided by BharatPe. Although he was initially sceptical, Uday has now been associated with BharatPe for over 4 years and is highly satisfied with their services. He now utilizes several BharatPe services such as the soundbox, Swipe machine, and QR code.
Around 2-3 years ago, Uday took his first loan of 6.5 lakhs from BharatPe, which he used to open a cake and pastry shop. Over the years, BharatPe executives maintained regular contact with him and advised him to conduct more transactions to avail the loan benefits. Uday has repaid his first loan and obtained his second loan of 7 lakhs a few months ago to open another shop. The loans have helped him scale his business and increase revenue for his business. When Uday had around 5 shops, his sales ranged from Rs.80,000- Rs. 90,000 per day. However, after using BharatPe, his sales increased by approximately 35 to 30 percent, reaching around 1.40L to 1.50L.
Uday Patil holds BharatPe in high regard owing to its fast Turnaround Time (TAT), smooth services, and lack of friction in any aspect. When he needs instant funds to open a new shop, the shorter disbursal time provided by BharatPe proves to be a huge advantage for him. He also confirms that BharatPe executives are incredibly helpful and accessible. Uday aspires to open 15 to 20 shops within Mumbai.
His parting words of wisdom for aspiring entrepreneurs emphasize the importance of thorough research, acquiring comprehensive knowledge, and not rushing into things. Uday's story exemplifies grit, determination, and the courage to change the course of one's career, and the results are nothing short of encouraging and exciting!
*BharatPe facilitates loans in partnership with RBI-approved NBFCs.