The Money Club launches employee benefits program, plans to onboard five million users across sectors
The Money Club has launched Vrddi, an employee benefits program where organizations can offer their employees financial security and loan-free funds in times of crisis. The company plans to onboard five million users across organizations in India over the next five years.
Most working professionals today don’t have access to funds during crises such as medical expenses, marriage, social obligations, education, health and wellness, travel, and home repairs.
This problem is even more pronounced for freshers, who do not have access to salary advances, and individuals with low/ mid income who can’t afford high-interest rates on advances and loans. Through Vrddi, employees can receive a payout of nearly ten times their initial contribution and a corpus is created that enables organizations to provide their employees with access to funds.
“With Vrddi, organizations can empower their employees with access to interest-free funds in emergencies without any paperwork,” said Manuraj Jain, co-founder and CEO, The Money Club.
“We have seen that only 3-4% of the needy get access to loan advances from the company. More than 95% of them are left to fend for themselves.
Vrddi was born out of a need for a financial wellness product for working professionals dealing with unforeseen financial expenses and burdens."
Founded by IIT Kharagpur alumni, Manuraj Jain and Surajit Ray, the company provides on-demand liquidity in contingencies through group savings by integrating money pooling mechanics. With a total pooled amount of over Rs200 crore, the platform has investors, including July Ventures, Blume Discovery Fund, Venture Catalysts, SOSV VC.
