Calcutta: Spocto Solutions, a startup in Collectechspecialized fintech space, founded by the former CIO of GE and Monsanto Sumit Srivastava and his wife Puja Srivastava, plans to raise $ 15-20 million from the US market as growth capital over the next 14-18 months. The firm that collects debt for banks online and has good collection efficiency against the new regulations is now wholly owned by the founding family.
Spocto Solutions founder and CEO Sumit Srivastava told TOI that the startup is already in talks with two or three firms about this. “We intend to raise some capital for growth and acquire one or two similar companies in the United States. This will give us opportunities for inorganic growth. Please let us know that we intend to enter the Western Europe market and then we will enter the Southeast Asia market. The entire structure will take two to three years to complete, ”he added.
In developing his growth forecast for Spocto, he said that in terms of revenue, it averaged five to six times its revenue year over year. “This year we intend to touch the topline by about Rs 100 crores. In the next five years, when we launch the platform in other regions, we aim to achieve $ 100 million in revenue over the next four years, of which 50% will come from international markets, ”he added. Revenue is expected to be Rs 100 this year, of which 15% will come from the international market. “Now the product has stabilized and started working, we intend to expand globally, as I said,” he added.
Srivastava noted that Spocto already has a strong presence in Western Asia. “Four of the 10 largest banks are our clients in the Middle East. Over the next six months, we will deploy a Key Account Management team and open a wholly owned subsidiary there, ”he added.
Srivastava also made it clear that Spocto also wants to be a key player in the stress fund segment. “As for the stress fund, I will partner with ARC where they will acquire the stress asset, and I will help them get it back. They have an established model. As far as India is concerned, we are in active dialogue with two or three ARCs. In the US, if I don’t launch a product, local applicability would be useless to introduce an arc model, ”he added.
The next three years will be an opportunity for Spocto, he said.