A Mumbai-based data analytics company is aiming for a five-fold growth in topline as financial institutions such as banks and non-bank lenders tap the digital route to credit recovery amid challenges of Covid pandemic.

Sumeet Srivastava, who has in the past worked in leadership roles in Monsanto and GE, started Spocto with a focus on financial behaviour analytics to help banks save expenses on credit recovery. Srivastava said that banks typically budget around 2-4 per cent of their loan book for collection-related activities, which can be brought down with the help of technology.

The scale of operations got a substantial boost during last year’s lockdown as lenders and financial institutions found it difficult to execute field recovery.

“Between April and July last year, during the lockdown, almost all operating parameters such as the number of accounts handled, revenue, employees, got tripled and the trajectory has continued because there is no reason for the banks to go back,” said Srivastava, CEO and founder, Spocto.

“Our plan is to cross Rs 100 crore revenue this year. Last three years, we have been averaging 5-6 times growth in the topline,” said Srivastava.