FINOMENA 

Finomena was a Bengaluru-based, Fintech startup, which emerged in 2015 and 

was founded by the Riddhi Mittal, Abhishek Garg who were graduates of IIT 
Delhi and Stanford. They also were the employees on Facebook, Microsoft, 
Boston Consulting Group, and Bain Capital. The startup makes use of data and 
machine learning to reassess the creditworthiness of borrowers for the 
disbursal of loans.  
 
HOW DOES IT WORK? 
This startup aims at helping students and young professionals in buying 
electronic devices and appliances through small-ticket loans. The startup also 
gives easy installments or financing options to the borrowers so that they can 
purchase phones, laptops, and other consumer electronics online upon their 
wish. F
​ inomena provides flexible monthly installment options to its users, 
customizable EMI plans, lowest interest rates among competitors, the ability 
to buy anything on EMI without a credit card, 
 
MOTTO 
“​MAKING DREAMS AFFORDABLE​”. 
 
Most of the people who were using their services were below the age of 30 and 
the startup helped them to understand the way in which how the loan process 
worked. 
 
It was working so good for them for the first few months but immediately due 
to some reasons, it led to the shut down of their front door. 
 
WHAT WENT WRONG 
The main ground factor for a startup to work in a successful way is the review 
from customers. When most of the customers were asked how was the startup 
75% of the replies came against them. They were complaining that the 
customer care facility of the startup wasn’t helping them to rectify the issues 
raised. The employers were also not satisfied with the startup.  
 
The other problem was funding. Lack of proper funding made huge impact on 
their work. The factor that led to the lack of funding was experience issues. 
Both the founders didn’t have the experience and hence most of the 
management companies were not convinced to invest in their program. 
 
The third factor was trust issues. Banks were also providing similar kind of 
services to the people. Even though they were providing the services online 
most of the customers were not interested in sharing their private information 
as they were in the fear of losing it through some online errors. Hence most of 
them turned to banks for services. 
 
The competition in the sector was another factor. Most of the startups that 
existed at that time were launched some yrs back and they had a lot of 
knowledge of what was happening in society and what type of services do the 
people needed. 
 
Hence on December 1, 2017, they had to shut down the whole company which 
left many of the employees jobless. The idea proposed by them was good but 
they needed more experience and also they had to study more and more about 
the human economic society so as to attract more customers and investors.