Latest Covansys Corporation News
Jan 20, 2020
Ravi Garikipati, Flipkart’s former CTO & head of engineering and Raj Vattikuti, a serial and entrepreneur and the founder of Covansys have come together to launch financial services and micro-credit startup ‘Davinta’. The duo has invested Rs 140 crore of their personal money in starting this venture that holds an NBFC permit and disbursed loans of Rs 50 crore, said an Economic Times report . Vattikuti had also established the Vattikuti Foundation in 1997, Synova in 1998 and sold Covansys to Computer Sciences Corporation in July 2007 for $ 1.3 billion. Garikipati, who has over 30 years of experience mostly in technology and executive leadership roles, had also pumped in around Rs 10 lakh in healthcare-focused fintech startup LetsMD in May 2018, A technology and product-focused NBFC, Davinta focuses on the financial services industry and provides short term loans of up to 12 months to socially backward families who are underserved and underbanked. It majorly deals in the four services of micro banking, credit, income generation loan, and MSME loans. The company’s income generation loan product extends microloans to women from the financially weaker section and enables them to get involved in income-generating activities for better living. Under credit loans, the platform supports various options and interest types like fixed, floating and hybrid that can be availed by groups and individuals based on their needs. Within around eight months of its launch, Davinta, which also or gives an individual or business loan without collateral, claims to have disbursed loans to about 10,000 customers, 85% of them women. The firm also serves acceleration programs for which it has partnered with various NGO’s and has connected industrial manufacturers to their specific market. Davinta is also eyeing to sell multiple financial products, including health insurance, to its target market using its franchise network to drive sustainable livelihood in the society.