Startup Story: Salary Dost for Advance Salary Loans

We at TechnoVans came up with the new Startup Story. The Startup Story of Salary Dost. We have scheduled Telephonic Interview with Mrityunjay Shahi, Founder of Salary Dost on 11th May 2019 at 11.00 AM. Mrityunjay shared the story of Salary Dost with TechnoVans. Salary Dost plays the role of a true friend for salaried professionals in their financial needs. Let’s get into the story of Salary Dost.

Interview with Mrityunjay Shahi, founder of Salary Dost

TechnoVans team trying to motivate people to start their own business, hence we at TechnoVans collecting and composing the startup stories and publishing on our website. Today we came up with the startup story of Salary Dost. This interview is taken by Vanesh Mali, founder of TechnoVans.

Tell us about your education and experience

I have completed my MBA from the Rizvi academy of management, Mumbai. I have 15 years of experience in Banking and Finance.

I worked with various banks in my career, started with IndusInd Bank and later for career growth I moved to other organizations like Development credit bank, Reliance life insurance, etc.
I worked with ICICI Bank for 12 years and secured the position of Branch Head. And now the Founder of Salary Dost!

Tell us about your startup, what products/services provided by your startup?

Salary Dost provides Advance Salary Loan to salaried employees. We have started Salary Dost a few months before and since we started we are achieving our goals 100%. Currently, we are concentrating on the specific business that is the only Advance Salary Loan to Salaried Employees.

Why the name Salary Dost?

Salaried class people always need money for daily needs. They get their salary at the end of the month and they may need some amount of money in between a month. And here comes the Salary Dost idea. Dost means a Friend! Salary Dost helps Salaried Employees as a friend for Advance Salary Loan. Hence the name Salary Dost!

How did you come up with this idea? and how much efforts you have taken to implement it?

Already mentioned in the answer to your previous question that is Why the name Salary Dost.
When we talk about efforts, I have taken lots of efforts to start the Salary Dost. I started thinking about this concept 2 years before. It was very difficult to take the decision to quit a job and start a business. Hence I started planning it 2 years before. Even I was confused about whether to continue the job or get into the business.
It took 2 years to convince myself to get into the business. Even I needed to convince my family to take this decision. I had built the confidence in me to start the business.

In India around 80% of startups get failed due to some xyz reasons. Might be they dont take that much efforts to keep live their startup.

How much money did it require to start Salary Dost?

I planned to start with INR 2.5 Million, but later when I started to executing ideas plans to set up Salary Dost I came to know that it requires at least INR 6.5 Million.
So I sold one of my houses and took financial help from Sunil Rao ( now director of Salary Dost).

How much was your first income? How(where) you have used/invested it?

We earn money from the processing fees and the interests we received. We have earned ( first income ) around Rs. 2 lakhs in Feb and around the same in March and April 2019.
We are investing it in the marketing of our business, Technology updates, website design and development of mobile applications development, etc.

How do you manage your time in a day? Please give us detail about your daily routine.

As a business person, I dedicate my complete day to my business.
When we do a regular job we just need to concentrate on a single task but as a business owner, I need to work on different tasks.

I spend my day with daily activities like talking with my team, how they are working, guiding them, motivating them. I keep myself busy in designing the business strategy, marketing strategy and creating the growth path. I try to develop people in such a way that they make growth in their career and hence the growth of our business.

What were the problems/challenges you faced to this date? how did you overcome them?

It was very difficult to get into the business, this was the first challenge. Getting into the business by quitting a current job requires a lot of courage and confidence.
Technology is also the best challenge we face. To cope up with this challenge, we need to keep updated ourselves with the continuous changes.

Finance is the biggest challenge faced by entrepreneurs, in their early stages of a startup. To overcome the financial problem I have taken help from one of my friend ( now director of Salary Dost ) and sold one of my homes.
I am sure that I will buy another home soon!

Why do your customers select you over your competitors?

The name of our business gives the answer to this question. Salary Dost. We have an emotional touch with our customers, our business name helping us to get the customers.
Our tagline is Friend for Fund. We are a financial friend for salaried class people.

Do you have a website for your business? If Yes, How do you manage your website?

Yes, we have website SalaryDost.com which is managed by our in house IT team. We also have an android application live and iOS app is in progress which we will be launching in next month.

How do you promote your product/services?

We promote our business mainly through SMS services and email marketing. Social media like Facebook, Instagram, LinkedIn are also part of our marketing strategy.
We are planning to work with you ( TechnoVans ) to promote our services!

What are the future goals for Salary Dost?

First short term goal is to reach operational profit this month and this will be a big achievement for me to make the company’s operational profit in 4 months from the date of operation start.

We will make multiples of it in the coming months and years by providing our services to salaried employees and very soon we will be adding more products for salaried people on Salary Dost platform.

What you will tell our audience so that they will get motivation from you?

Help people who are planning to start their own business. An entrepreneur needs a lot of support from people, friends, and family.
Vanesh, you at TechnoVans doing a great job by helping people by covering the startup stories, motivational REAL stories, blogging tips, SEO tips, etc.
The audience of TechnoVans should get motivation from the stories published on this website. Help people, people will help you!

And this is the startup story of Salary Dost, hope you will get some motivation from the startup story of Salary Dost.

If you have anything interesting to share with us then please connect with us through the contact page or an email hellotechnovans@gmail.com