The 0 to $200m Bangalore Startup! US Company in India! Ft. Zolve | Summary and Q&A

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July 21, 2023
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Singh in USA
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The 0 to $200m Bangalore Startup! US Company in India! Ft. Zolve

TL;DR

Zol is a US-based company that addresses the problem faced by international students who lack a credit history in the country they are studying in, allowing them to access financial services such as bank accounts and credit cards.

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Questions & Answers

Q: Why did Raghu start Zol and how did he come up with the idea?

Raghu was inspired to start Zol after witnessing the challenges faced by friends who had moved to the US and lacked access to credit cards due to their lack of a local credit history. He saw this as an unfair system and an opportunity to provide a solution.

Q: How did Zol manage to create a company in the US without being physically present?

Zol established a US-based parent company and an Indian subsidiary, with the help of remote work during the COVID-19 pandemic. This allowed the team to work remotely and successfully set up the company without the need for travel or in-person meetings.

Q: How did Zol grow its customer base without any marketing efforts in the US?

Zol initially focused on acquiring customers in India before they moved to the US, which allowed them to build a customer base through word-of-mouth referrals. This organic growth led to around 10,000 customers by December, with zero marketing efforts in the US.

Q: How does Zol generate revenue if it doesn't charge customers any fees?

Zol earns revenue through interchange fees paid by merchants when customers use their Zol-issued credit cards for transactions. This fee typically ranges from 1.5% to 2% of the transaction amount and is paid by the merchant, not the customer.

Summary & Key Takeaways

  • Indian entrepreneur Raghu noticed the unfairness faced by migrants who lacked a local credit history when trying to access capital in a new country.

  • Raghu founded Zol, a company that enables international students to create a credit history in the US without the need for a Social Security number.

  • Zol's revenue is generated through interchange fees paid by merchants when customers swipe their Zol-issued credit cards.

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