Meet the startup that is democratising financial literacy
Financial literacy startup MahaMoney offers content in bite-sized, easily digestible formats in Marathi to empower people to take control of their finances. It plans to offer information in other languages soon.
Friday April 28, 2023,
3 min Read
Mumbai-based financial literacy start-up MahaMoney is revolutionising the way consumers approach their finances. Launched in 2021, MahaMoney aims to simplify every facet of money, investment, and budgeting concepts for consumers in their preferred regional language.
The startup works on three core principles, literacy, inclusion, and empowerment, with one goal: reaching consumers even at the bottom of the pyramid.
A survey by Global Financial Literacy Excellence Center reveals that only about 24% of Indian adults have an understanding of financial concepts such as inflation, interest rates, and budgeting. As demand for financial products continues to rise, it is becoming increasingly important to simplify money-related concepts for prospective users.
With comprehensive and easily accessible content, MahaMoney makes it easy for consumers to understand and manage finances, regardless of their level of financial literacy or experience. Its website and social media channels provide consumers easy access to informative videos and articles on topics related to banking, personal finance, and investments.
Rohit Pande, CEO and Founder of MahaMoney, says the startup offers content in bite-sized, easily digestible formats. Rather than focusing on how to invest money, the focus is to empower individuals to take control of their finances and improve their overall financial wellbeing. “Whether you are a student, working professional, or retiree, our goal is to help you understand and manage your money better," he says.
MahaMoney is the first mover in the space, catering to a Marathi-speaking audience in their local language. It also offers content in Hindi and English, and aims to release content in more regional languages in the coming months.
Its content can be accessed from virtually anywhere.
Pande says the company aims to remain unbiased towards any particular platform or product. “We work on a product-neutral business model with a focus to provide quality content without being tied to a specific product or digital platform.”
MahaMoney has created an online presence on nine social media platforms with over 10 million organic views in a span of one year. Their mission is to cater to people from diverse geographies, mindsets, and statuses, and hence their website covers a diverse range of financial content categories and also offers live event coverage. The website has registered over 250,000 page views till date.
Empowering people with financial literacy
MahaMoney aims to make financial literacy accessible to everyone, whether through digital means or physical presence. The startup organised three financial literacy workshops in rural areas of Maharashtra, which garnered a turnout of over 150 participants each, mostly women. It is committed to reach 100 villages and educate over one million rural participants in the coming months through workshops.
“We plan to host several phygital financial events in the coming year to boost awareness about money management, and drive engagement,” Pande says.
The third-generation entrepreneur highlights MahaMoney's flexible and agile model, and ability to adapt to changing market trends and customer needs.
“In today's digital age, providing accessible and user-friendly financial management solutions is essential and we aim to bridge that gap. Through our partnership with FirstRays Ventures, we have been able to bring together required expertise and resources,” the founder says.
MahaMoney is the first project incubated by venture capital firm FirstRays Ventures. The VC aims to create and invest into ideas that are purely digital and mobile first. It promotes building the right ecosystem to grow businesses that can impact society positively.
Going forward, MahaMoney plans to expand its workshop offerings and launch new resources and tools to help consumers and businesses improve their fiscal and capital management skill sets.