[Exclusive Interview] This App Allows You To Start Investment Journey With Just Rupee 1
Recently we interacted with Satyajeet Kunjeer, Founder & CEO, Deciml, and asked him about the vision of his startup, and what are their future plans.
- What do you mean by round-up investment? When is the right age to start such investments?
Round-up investing is a simple way of investing the spare change from your online transactions. For example, if you pay ?495/- via UPI for a grocery bill, the round-up investment app will automatically round up the amount to the next 10, which is 500 in this case, and invest the digital spare change of ?5/- on your behalf.
Round-up investing is an excellent supplementary investment instrument for investors of all ages. It is, however, particularly beneficial for young adults (18-25 yrs) who have just started earning stipends or salaries. While these individuals understand the importance of investing, they aren’t sure of how and where to start. Moreover, they don’t want to risk too large an amount of their savings in investments. Round-up investing enables them to start early and start small.
- How is the Deciml investment app playing a crucial role in getting millennials to inculcate the habit of saving?
Deciml was started in November 2020 with a vision to create a simple and convenient platform that can help initiate more young Indian millennials into the investment ecosystem without demanding any change in behavior or compromise in lifestyle from them.
The app’s additional features such as daily/weekly investments help being consistent and inculcate a sense of financial discipline
We aim to add at least 1% more young investors to India’s investment ecosystem thereby uplifting India’s investment penetration from the current low of 3.5%.
- Can you explain how the Deciml app works for a beginner?
Deciml is an investment app that enables Indians to start investing early and small by auto-investing the spare change from online transactions. Users set up a UPI mandate with Deciml in order to automate their investments, and be able to invest the spare change from all online transactions.
A user can choose from three investment options on Deciml namely round-up investing, daily deposits and lump-sum investment. For the round-up investment, the app views the transaction SMS sent by the users’ respective banks, automatically rounds up this amount and initiates the due spare change investment immediately.
For Daily Deposits, users can set an amount of their choice, and that amount will be invested on a daily basis automatically. For lump-sum, users can directly invest an amount of their choice whenever they like.
- What are the key investment updates that millennials of today should know about?
With advances in technology, The financial ecosystem has changed and updated itself immensely over the past couple of decades. Today, young millennials have been empowered to go brokerless, KYC has been digitised, pre-designed stock baskets, AI-ML backed Robo advisors, automated-investment on a daily basis as low as ?1 etc.
Unlike a few decades ago, It has been made easier to invest across platforms and asset classes, and most importantly access to information has been unlocked just within a few clicks of a smart device.
With several innovative personal money apps now operating in the market including ours, there is no better time than now to initiate yourself into this ecosystem and start your investment journey!
- What are the company’s short-term and long-term plans?
Deciml will launch on the Apple Store soon and will be the first true micro-investment platform on iOS.
In the next five years, we aim to be a one-stop financial destination for young Indians, offering a variety of investment and financial services customized to user needs.