MY MUDRA FINCORP LTD.: A Public Limited Fintech Company From the Narrow Streets of Karol Bagh to the Global Stage
Some stories we come across are not just meant to amaze you but stir a fire of making an impact. This one talks about how an entrepreneurial journey stemmed from the narrow streets of Karol Bagh only to become a globally accomplished fintech venture. Yes, we are referring to none other than Vaibhav Kulshrestha. This exclusive narrative sheds light on his story of becoming a highly regarded entrepreneur hailing from a small town in Uttar Pradesh, India. His venture, My Mudra Fincorp Ltd. has gained mass popularity in the fintech realm. Reminiscing about his early journey, he started the conversation with our team, “Life frequently proceeded at a steady pace in the narrow streets of Hathras, a tiny town nestled in Uttar Pradesh.
The town’s everyday rhythm was characterised by the sound of bicycles on bumpy roads, the aroma of hot parathas from street vendors, and the sight of kids playing cricket in dusty fields. I was just a small town boy who didn’t have a comfortable or prosperous upbringing. When I lost my mother at a young age, life put me to the hardest test much too soon.”
Such a loss can leave a hole too deep for many kids to fill. However, Vaibhav found that silence to be a source of strength. Instead of being anchored by grief, he found a peaceful strength, deciding that his story would be of scaling to greater heights than surrendering to the hardships of life.
Early Sparks as an entrepreneur
The zeal of becoming an entrepreneur was deeply rooted in Vaibhav’s heart since his childhood. He received his early education at a small Hathras government school. Resources were severely limited, the classrooms were tiny, and the blackboards were frequently worn. However, Vaibhav’s inventiveness more than made up for the school’s lack of facilities. Teachers frequently remembered the gleam in his eyes, an irresistible hint of interest that implied he was daydreaming outside the town’s limited borders. Vaibhav had a vague inner vision that hinted at something bigger than the conventional, predictable paths that many kids wanted to take.
When puberty drew near, fate beckoned him from Hathras to Delhi, where he went to live with his uncle. As for any small town child, Delhi proposed a cultural shock and discomfort too. With its ceaseless bustle of people, cacophony, and aspirations, the expensive city had its own struggles to deal with. Vaibhav, however, started to define himself in the midst of that chaos. He came to see that the city was a testing ground for dreams as well as a thriving place of growth opportunity. He chose to enrol in a computer diploma program, which gave him a useful skill set and a springboard into the corporate world.
The humble Beginnings shaping the leader
Vaibhav started his career modestly, like many young professionals do. He made only ₹2,500 a month in his first job, which was in telecalling sales. Cold calls, rejections, and constant persuasion were all part of the job’s demands for perseverance, but it also taught him the value of resilience and human connection. Although it wasn’t a glamorous job, it taught him the importance of patience and customer psychology early on.
But, a breakthrough in his career followed when he moved on to his second position as a networking agent at Standard Chartered Bank. The job role gave him his first genuine introduction to the finance industry. He started to notice something important at this point: clients frequently had trouble understanding banking jargon, lengthy procedures, and neverending paperwork. Instead of empowering people, finance frightened common people.
Vaibhav paid close attention to colleagues as they talked about loan approvals, interest rates, and compliance regulations, but the thing that stuck with him the most was the mistrust and anxiety that customers brought to every transaction. A seed was sown somewhere deep within: what if finance could be made easier, more transparent, and more accessible? This was his hidden entrepreneurial genius that came into being the very first time.
Anchoring himself through the unprecedented storms
The course of his career changed but there were some storms along the way. He was put to the test on numerous occasions in life, both personally and professionally. Sometimes, it seemed easier to give up than to continue chasing his dreams. His wife’s strength served as his compass during those trying times. She gave him advice that became his motto for life: “A stone will always fall back to the ground if it is thrown towards the sky. So why be afraid to begin again? We must not drop below this threshold.”
This straightforward yet profound insight served as a reminder to Vaibhav that failure was a chance to make bigger and better leaps towards our dreams. Every time life attempted to pull him back, these words served as the cornerstone of his tenacity and propelled him forward.
The Leap of Faith
It was in 2006, when Vaibhav reached a turning point in his life. He had a steady career and a respectable salary owing to his work experience at IDBI, HSBC, and Standard Chartered. But he knew deep down that he wasn’t meant for routine stability. He had a persistent inner voice that told him he was destined to build, not just serve. He quit his stable job, a move that many deemed reckless, with just ₹3,000 saved. It was madness to the world. It was the leap of faith that Vaibhav had been anticipating the entire time.
The ensuing years were far from straightforward. Every day presented both a learning opportunity and a struggle for survival. He learnt about more than just financial systems, but also the human element behind them, the fears, aspirations, and enormous responsibility of handling people’s trust in money matters.
The genesis of My Mudra Fincorp Ltd.
In 2013, Vaibhav set the stage for the launch of his most sought after brainchild. He established My Mudra Fincorp Ltd. that year with the straightforward yet ground-breaking goal of making finance simple, open, and available to all. And indeed, no business is easy in the beginning. His venture was not yet the massive fintech name it is now. It was just Vaibhav, a few reliable coworkers, and a dream driven by willpower. Slow-moving and frequently doubtful clients arrived.
However, Vaibhav approached them as an educator rather than a salesman. With a slow but steady approach, he gradually clarified terms, removed the intimidating jargon from finance, and, above all, established trust among the targeted audience. Word got out gradually, and My Mudra started to carve out a place for itself in a crowded market.
Creating an Ecosystem for Fintech
The company’s offerings grew as it developed. My Mudra began with business and personal loans before branching out into mutual funds, insurance, professional loans, home loans, and loans secured by real estate. Innovation became the foundation of the business; it was not an option. The My Mudra app and other digital-first solutions revolutionised the customer experience, demonstrating that even a small business could lead fintech innovation in India.
However, Vaibhav’s dedication to women’s empowerment was what really set his leadership apart. He was an example of inclusivity, unlike other leaders who only talked about it. My Mudra is one of the most gender-diverse companies in the industry, with women making up nearly 80% of its workforce today. This was never about appearances for Vaibhav; rather, it was about using diversity, empathy, and resilience to fortify
From One Room to Global Presence
From a single-room office, My Mudra has today expanded into 133+ branches across India. From a handful of employees, it has grown into a team of over a thousand, generating employment opportunities across regions. From a startup once dismissed as a risky gamble, it is now a ₹600+ crore fintech powerhouse (VC valuation), partnering with more than 75 leading banks and NBFCs. What began as a vision in Delhi has now transcended borders. My Mudra proudly operates a branch in Dubai and has plans to expand into Hong Kong, Bangkok, and Italy, with Australia earmarked as another global milestone.
Making History on the National Stage
In September 2024, the business marked a watershed moment in this incredible journey. My Mudra became the first Fintech DSA in India to be listed on the National Stock Exchange (NSE). For Vaibhav, ringing the ceremonial bell was not merely about corporate triumph. It was a symbolic honour to the boy from Hathras who started with nothing, to the struggles that once threatened to break him, and to the resilience that turned obstacles into stepping stones.
A Vision for the Future That Goes Beyond Achievement
When we happened to ask Vaibhav about his definition of success today, he answered modestly that for him, success is a journey rather than a destination, where each obstacle leads to a new opportunity. His vision for the future is ambitious: to create a comprehensive fintech ecosystem where AI-driven platforms, investments, insurancetech, and digital lending all flow together under a single roof. By removing barriers between complex financial products and regular people, the soon-to-be-released mobile application promises to put finance at the fingertips of every Indian.
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