Do you know Kunal Jhunjhunwala? Most people haven’t heard his name. Kunal started Airpay in 2012. Today, the company is providing banking and financial services to 3.5 million consumers in 5,700 villages in 533 districts across 37 states. In less than 8 years of its inception, Airpay has created 2,50,000 micro-entrepreneurs called Airpay merchants. Let us know who is Kunal Jhunjhunwala and what is his relation with Rakesh Jhunjhunwala?
Kunal has studied from America
Kunal is the nephew of veteran stock investor Rakesh Jhunjhunwala. He has studied from America. He is an engineer by profession, but has now become an entrepreneur. His company is growing rapidly. Many people consider her relationship with Rakesh Jhunjhunwala as the reason. But, Kunal does not believe so. He has so far raised capital of about Rs 24 crore. In this he has got the support of his father Rajesh Jhunjhunwala and his uncle Rakesh Jhunjhunwala. However, Kunal had raised seed capital from Kalaari Capital before the family invested in Airpay.
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10,000 merchants joining Airpay every month
Kunal has great respect for his uncle Rakesh Jhunjhunwala. He keeps a close watch on every investment of his uncle. Rakesh Jhunjhunwala’s net worth is estimated to be $6 billion. Sources say that Kunal used the government’s Atmanirbhar Bharat platform to start the Airpay business network. Today the number of customers of Airpay is increasing rapidly. More than 10,000 merchants are joining it every month.
The company is getting the benefit of fast growth of digital payment
Kunal says, “We are increasing revenue for Airpay customers by offering them a range of services. These include money transfer, cash withdrawal and bill payment/recharge.” Airpay is getting the benefit of increasing digital payments in the country. According to Morgan Stanley, digital payments have grown from 2.5 to 7 percent of GDP in the last three years.
Number of employees has increased from 3 to 360 in a decade
Kunal has previously worked in Beverly Enterprises and Hungama. He started Airpay along with some of his friends. In almost a decade, the number of employees of Airpay has increased from 3 to 360. The company has planned to focus on Tier-1 and Tier-2. Kunal believes that it is a more profitable market than Mumbai or Delhi.
Airpay provides complete solution
Airpay provides a complete payment solution to the kirana stores. “We want to increase their revenue. We want to give them basic accounting tools. We manage their accounts as per the GST norms,” he said. He declined to disclose his turnover. He stated the need that the company is making profit.
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