In India, the younger working population is getting smarter about their finances. A survey conducted last year, by Tata Capital, showed that those in 18 to 25 age group work towards their financial security — nearly 40% save a quarter of their salary and more than 14% put away half. That’s commendable restraint. The problem lies in how they grow their money. A large percentage (66%) still seeks the advice of family and friends; and most of them choose bank deposits and mutual funds, over equity. That is, they are led by trust and safety, and not by financial literacy and independence.
To be fair, it is not easy to invest in equity. Even if a person masters the endless jargon — rummaging through annual reports, filings, stock calls and financial statements to find a company right for your money is an uphill task. That is why a start-up like Tijori, founded in 2017, is helpful. Siddharth Hegde, Varun Marda and Tejas Goenka started the company keeping themselves in mind.
While Hegde and Marda are working on it full-time with a team of 20, Goenka is also the managing director at Tally Solutions, India’s largest accounting software company, which is funding Tijori Finance. “We had been investing since 2011 and have always found the process cumbersome and difficult to manage,” says Hegde. The Bengaluru boys, friends since childhood, have had to research for months into a company before deciding on putting (or not putting) their money into it.