SanKash makes travel more accessible, affordable and fulfilling by offering flexible, installment payment choices that most banks are hesitant to lend for travel. “Our goal is to put customer needs first and get the most out of the entire travel ecosystem by creating new products,” says SanKash, Founder.
SanKash started in 2018 because founders Akash and Abhilasha couldn’t find an alternative payment solution for their annual trip. Therefore, SanKash was launched with the vision of enabling travel for everyone!
Providing alternative cardless point-of-sale payment solutions was central to SanKash’s proposition. However, the biggest challenge facing the travel industry is that of a complex product, which is sold on average for Rs 70,000 and above, even for domestic travel.
SanKash’s proprietary logic engine powered by AI and ML solves multiple BNPL (Buy Now Pay Later) providers with multiple customer journey challenges by bringing all BNPL providers together to offer seamless Travel-Now-Pay-Later options to customers. travel merchant customers while keeping all the cross issues. -unique sales opportunity to the trader.
Bringing BNPLs to a table makes SanKash unique. If lender A’s credit only assesses salaried metro travelers, while lender B only does so for salaried workers in Tier I and II cities, we bring this intelligence to provide customer details for an assessment of credit to the right lender, that’s what we do! Several BNPL alignments promise the highest approval ratings and the cheapest product to consume for travel at the time and point of purchase.
What do you see as the current driving trends in the industry?
Indians today travel for various reasons, today’s reason is not just leisure.
There is an increase in impact and goal-oriented bookings; people travel for sustainable yoga retreats, events and camps. Travelers focus on adopting positive practices, including wellness activities, environmental protection, and more.
Family time is now travel time – 94% of Indians are most looking forward to traveling with their family in 2022.
Dream destinations are becoming a reality – 93% of Indians plan to spend more or as much on travel in 2022 compared to a typical pre-pandemic year. They are planning trips to dream destinations like the Maldives, Europe, Dubai and Turkey.
Talk about your USPs. How do you stand out from your peer competitors?
SanKash aims to revolutionize the traveler experience by providing the Travel-Now-Pay-Later option across the travel, airline and hospitality industry by seamlessly bringing together BNPL providers on a common interface using a logic engine powered by AI at checkout and point of purchase.
As a platform, SanKash is not a marketplace for a customer or a trader. The engine powered by SanKash AI does all the heavy lifting for the customer, with basic information and travel data of the customer, the engine assigns the financial provider to a customer for the highest approval at the cheapest rates.
Sankash has a three-pronged USP offering:
– We have high-end technology offering – Sankash’s proprietary logic engine powered by AI and ML aggregates BNPL provider for merchants who waive the exclusivity clause of a link between a BNPL provider and a merchant .
– Sankash acts as a focal point – A common platform for merchants and BNPL providers to offer and enjoy the seamless Travel-Now-Pay Later option to their customers
– Unique cross-sell opportunities – Maintains all unique cross-sell opportunities for the merchant
What were the main challenges faced by SanKash? To what extent have they been useful for the development of your business?
COVID-19 travel restrictions have been the biggest hurdle since our debut in 2018. While the travel industry took a hit, we had just prepared for launch and despite the COVID-imposed timeline, we pulled through. grow our Travel Merchant base and our association with 5500+ Travel Merchants.
We’ve taken on travel industry biggies – Thomas Cook, SOTC to name a few. After staying indoors for nearly two years during full and partial shutdowns imposed to counter the COVID-19 pandemic, people are excited to travel like never before but are hesitant for lack of funds. This has helped us integrate a range of BNPL players to enable these travel seekers and make travel an essential part of life.
Discuss the difference between BNPL and TNPL and how SanKash is a TNPL that provides services at no additional cost.
BNPL and TNPL are fintechs that manage credit risk at the “point of purchase”. After BNPL (Buy Now, Pay Later), it is now TNPL (Travel Now, Pay Later). BNPL has gained popularity specially due to the demand from e-commerce retail markets, the BNPL industry is poised to grow at a CAGR of 56% over the coming year.
After staying indoors for nearly two years during full and partial shutdowns imposed to counter the COVID 19 pandemic, people are excited to travel. With the normalcy of the pandemic situation, the financial prospects of Indians have improved, but the decline in savings during the financial crisis has led to a shortage of funds to plan a trip. So, people are looking for ways to finance their trip without missing out on opportunities.
The nuances of a travel industry have created a demand for a TNPL, which is more specific to the needs of the travel industry compared to a generic BNPL. Traveler expectations continue to shift from traditional lending methods to alternative and easy digital payment solutions. That said, the unique approach of a BNPL cannot be replicated for a complex product like travel, with its own nuances.
Sankash – Once known as another “travel now, pay later” finance provider, it has become India’s leading buy-now, pay-later aggregator. Our latest offers include 0% EMI plan for 3 month TNPL loan if used, where customer or travel merchant and neither BNPL supplier bears additional costs such as processing fees, hidden costs, etc. .
How does Sankash plan to develop further? What are your next big projects?
Sankash, as a network of BNPL aggregators, wants to focus on transitioning travel as an affordable and accessible phenomenon and no longer a luxury activity.
By doing so, SanKash plans to alleviate the difficulties faced by travelers and tour operators who have to choose from a confusing set of multiple and different offers from BNPL players on the checkout page, not just for travel packages. An Integration Center for BNPL Solution Providers across the country providing merchants with a single API to integrate with a large and ever-evolving suite of solutions, we want to extend this service to the Aviation and Gas Industry. hospitality with our Fly Now Pay Later and Stay Now API Pay Later.
What is your monetization model? Also talk about the status of funding.
SanKash’s revenue comes from 3 sources, customer processing fees, service provider revenue share (BPL providers), and travel merchant subsidy revenue.
SanKash is seed and pre-Series A funded.
As an entrepreneur, what has been your biggest learning so far? What part of your job do you enjoy the most?
Our biggest learning, especially after navigating the difficult waters of the pandemic, has been to stay resilient to our purpose! During the pandemic, we learned our collective strength as travel merchants and financial institutions all sailed in the same boat. Putting customer needs first and in an effort to get the most out of the entire travel ecosystem by creating new products during the pandemic thaw, has been the most exciting part of this journey.
Building a business with resilience has always been part of the package for becoming an entrepreneur. But being extremely flexible during testing times and staying focused on what’s best for our customers and merchants can help us weather any storm.