The blue-collar workforce in India has been expanding with the constant rise in demand for everyday services in the urban areas. Despite being on the rise, employers tend to exploit their employees in blue-collar jobs that usually comprises of people offering their manual services to a company or client like drivers, delivery person, etc. However, many Indian companies have changed the way they train and are lending a helping hand to the blue-collar workers to help them lead a better life.
Financial Wellness of Blue-Collar Employees
Anshul Khurana, an alumnus of Indian School of Business, while leading a venture in the personnel services space dealing in facility management and household services, got an opportunity to experience first hand the plight of blue-collar workers. He noted that the workers lived on hand to mouth basis with zero savings and had low financial literacy
Observing the conditions of the blue-collar employees in our nation, Anshul formed his startup Entitled as a financial wellness platform for blue-collar employees. The company works with employers to enable access to financial services and rewards for their employees. Entitled uses the employment information to build alternate credit profiles of workers and thereby allows access to loans and salary advances, micro-insurance, micro-savings, discounts on healthcare and daily essentials, and financial counseling for workers. Entitled also incorporates a rewards module that allows employers to extend innovative, customized, and life-changing rewards for their workers.
One Strong Belief
In the beginning, Anshul and his team had to face two critical questions when they started; one, do employers care enough for their workers, and second, how does one make money in servicing a segment like this. Many investors failed to understand their initiative and responded negatively to both these questions. Nevertheless, they never lost faith in their idea and were more than ready to face the challenges to emerge as the ultimate company for blue-collar worker’s financial wellbeing.
On Partnerships, Growth & More
Entitled was selected to be a part of an accelerator program, Viridian E-spark, which is a joint venture between Entrepreneurial Spark and Viridian Ventures. The company has partnered & collaborated with financial service providers, including Snapmint Financial Services, Toffee Insurance, India First Insurance, and Upwardly, among others. It has also been able to onboard companies like Care24, Zefo (a Quikr brand), Frequip, and Viridian Group as clients and has been working actively to bring out a few other giants like OYO and Nestaway onboard.
On being asked about the startup’s current growth status, Anshul told TimesNext,
“We have entered into arrangements with about five companies to onboard their workers on the platform. We have onboarded more than 1,000 workers on the platform already and continue to add more every day to take the number up to 5,000. We have seen inquiries from more than 25% of workers in the first month itself, and close to 15% of workers have access to one or more services already.”
Entitled to help bring the low wage workers in urban locations into the financial fold. Financial literacy forms the core of what Entitled is trying to achieve and it hopes to impact millions of workers with its program over the next few years.