While the nationwide lockdowns led to a sharp decline in the company’s and its partners’ businesses, Eko embraced the digital route to acquire and retain users over its existing offline-only operations. The company quadrupled the volume of new transacting users in six months, exceeding the volumes of pre-covid offline acquisitions per month, it said in a statement.
“From pioneering money transfer to devising unique credit products like daily loans with flexible payments to extending the services beyond banking transactions, we like to keep up our spirit of continuous innovation. When Covid presented us with a new challenge, we took the plunge to go completely digital,” Abhinav Sinha, co-founder Eko, said.
He added that the user growth that the company has seen due to digital marketing has been encouraging and that the company is committed to firing the ambition of small entrepreneurs and helping in their growth. In line with this, the company is looking to enable over 10 million micro and solo entrepreneurs by 2026.
The company has also scaled its intellectual and financial landscape to build over 100 products and services on its platform.
“The company has served the needs of 35+ million customers with the help of over 250K entrepreneurs in over 100 cities of India. Processing over $3.4 billion transactions in FY20, the company has achieved a 50% reduction in cost at a 2x volume in 4 months of digital marketing. Moreover, the company has successfully doubled its organic volume of leads with exceptional efforts in the last 2 months. Eko is actively hiring for product, engineering, operations, and marketing roles as well,” Eko said in a statement.