Jatin Malwal is the Co-founder of Lendbox, a India’s premier peer-to-peer lending platform. From being an android developer to now being on the Forbes 30 under 30 list, Jatin’s journey inspired and energized us. His story is proof that success is a result of what you do and not where you come from.
Lendbox aims to revolutionize the personal loans market in India by creating a one-stop shop for all borrowers with varied profiles and needs who can have access to both retail and institutional investors with varying risk appetites. Lendbox has already given out more than 3000 loans and has attracted over 80,000 registered users including investors and borrowers. #Under30#Hustle#Humblebeginings#Lendbox
This is a part of our special blog series Sales SuperHeroes. The series showcases the very best of sales & marketing leaders in the world, business heads, CXOs – giving us an insight of what it takes to be them and to learn more about their journey. The idea is to offer valuable sales and marketing knowledge, future industry predictions, strategies and career advice to professionals in the industry.
Tell us a little bit about yourself. Where are you originally from and what did you study?
I’m from Muradnagar, a small town in Ghaziabad, Uttar Pradesh. I did my schooling from Ordnance Factory Inter College and then went to Raj Kumar Goel Institute of Technology Ghaziabad (UP Technical University). I come from a humble middle-class background. My father is a government employee and my mother is a house-wife. Most of my family members are into business and I have always had the presence of sharp business minds around me. They have great success stories to tell and these stories have continually inspired me to do well.
Tell us about your journey from being a Software Engineer at SnapDeal to getting into the Forbes 30 under 30
I started my Journey with Inoxapps as an Android Developer. The “I can do anything” attitude which I picked up here has kept me going. I did not go to an elite college such as an IIT, and never prepared for getting into one either. Some of these colleges were not affordable to us. A teacher of mine once told me, “Your college and teachers contribute only 5% to your success, the remaining 95% is all you”. I believe this applies everywhere. In India, people still believe that you must be a Baniya to run a good business or come from an IIT or a top tier institute to make it big in life. This is not true anymore. “Where You Go to College Is Not Who You’ll Be,” by New York Times columnist Frank Bruni articulates my beliefs well. For example, just 30 of the American-born CEOs of the top 100 Fortune 500 companies attended an elite college or university. It is always a good thing but not everything.
Your college and teachers contribute only 5% to your success, the remaining 95% is all you
What does a typical day at Lendbox look like for you?
We have a small team right now and a high paced startup culture. Office is a lot of fun and it never feels like work to us. We can work 24×7 with the same energy.
How important is the role of the Sales/Marketing team at LendBox?
Sales and marketing are an important part of any business. A business should be very specific about its target audience. Also, sales and marketing have no use if you are not analyzing the output. Then you are just spending your money and energy with no desired results. Hence, sales and marketing should always be in a closed loop with your business analytics.
What do you consider the most important traits in a sales person?
Politeness and a never give up attitude. Thomas Edison said, “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time”.
What is your best career advice for young people today?
India produces more engineers than the entire population of Switzerland each year and we are still far behind in the innovation index. All of us should focus on acquiring knowledge instead of degrees. Whatever you do, be it science, arts or medicine, try to do it well. Focus on quality rather than quantity. Abraham Lincoln said, “Whatever you are, be a good one.”
Name a few companies and people you look up to
Elon Musk and his ventures and Nikunj Jain, the co-founder of Inoxapps. I started my career there and learnt a lot while working with him. Nikunj was the one who told me about Elon Musk in a long inspiring discussion.
Name two things you believe will shape the market in the next 5 -10 years
Blockchain and Distributed Ledger, Artificial Intelligence and Virtual Reality
Where do you see the gig economy headed?
Due to digitization, we already have more jobs which are flexible and can be done remotely. Just like how banks have less operations heavy work now. For example, a lot of bank employees can now can manage their work from home. This kind of freedom has given a boost to the gig economy. In the last 4 to 5 years, the entire job structure has changed. More people work from remote locations for smaller durations of time. I believe that the gig economy will grow exponentially in the next few years.
I believe that the gig economy will grow exponentially in the next few years.
OK, last question: Tell us three fun facts about yourself
- I take L and R on my earphones seriously .
- I like cooking, but I don’t get enough time to cook. I mug up recipes so that I can flaunt my cooking skills when the time is right.
- I am not a fan of popping bubble wrap because once I pop them all, I miss them. Yes, I am that cute (Smiles)