SahiBandhu: Scaling India's Largest Gold Loan Aggregator through Trust and Tech
In the world of Indian finance, gold is more than just an asset—it is an emotional safety net. Yet, 60% of the massive gold loan market remains in the unorganized sector, where desperate borrowers often fall into high-interest debt traps. Rajesh Sheth, the Co-founder of SahiBandhu (now Manipal Fintech), recognized this "inverted pyramid" of demand. By building a tech-enabled aggregator platform backed by the Manipal Group, Sheth has scaled SahiBandhu to 900 employees and 600 locations in just 18 months, bringing formal banking rates to the heart of Bharat.
Sheth's journey is a masterclass in intrapreneurial transition. With over 17 years at the Manipal Group, where he built new business lines every three years, he pivoted his family heritage—roots in a jewelry-associated family from Goa—into a digital-first powerhouse. By eliminating the "trust deficit" through absolute transparency and a massive "feet on street" network, SahiBandhu is proving that the most crowded markets often hold the greatest opportunities for those who can solve for trust and Service Delivery.
The Inverted Pyramid of Gold
India's gold holding is concentrated in rural and semi-urban areas, but formal banking penetration is at its lowest there. This creates an "inverted pyramid" where the highest demand for credit is served by unregulated money lenders. SahiBandhu bridges this gap by acting as the trusted digital bridge between these rural borrowers and formal banking partners.
The Aggregator Advantage: Why Transparency Wins
Most borrowers assume that going through an aggregator means paying more. SahiBandhu flipped this model by remaining revenue-neutral for the customer. The borrower pays only the bank's interest rate, while SahiBandhu's fees are handled on the partner side. This neutrality is the hallmark of their success.
"Our job is to make the right fitment," Sheth explains. By understanding each customer's specific financial need, SahiBandhu offers a bouquet of products like Sahi Max, Sahi Delight, and Sahi Flexi. This tailored advice transforms the gold loan from a "last resort" into a "smart" financial tool, used by farmers for seeds or small business owners for planned working capital.
"Gold is an emotional asset. You win trust by being very transparent. We didn't want to build just another app; we wanted to be the true part—the true guide and advisor—to the customer in their moment of need."
Solving the "Last Mile" Banking Problem
While India has a vast bank network, not every branch is "gold loan enabled." Furthermore, bank employees often prioritize high-value, long-tenure loans over the low-ticket, short-term nature of gold credit. This is where SahiBandhu's "Phygital" model excels. They handle the entire pre-loan journey—assessment, documentation, and valuation—digitally on their app before ever taking the customer to the branch.
The SahiBandhu Under-One-Hour Journey
- Lead Capture: 800+ "SahiBandhu Officers" reach out to retail consumers in 600 locations.
- Pre-Loan Assessment: All bank requirements are assessed digitally via the app in the field.
- Bank Matching: Matching the customer with the right partner bank based on interest rates and urgency.
- Fast Disbursement: The customer visits the bank only for final verification, with disbursement happening in under one hour.
Scaling 900 People without a Single Branch
Perhaps the most impressive feat of SahiBandhu is its scale. From 200 people in January 2022 to nearly 900 today, the company has avoided the massive overhead of physical brick-and-mortar outlets. Instead, they rely on a remote-first management structure powered by a robust tech stack. Every officer in the field is managed virtually from district or regional headquarters.
"Managing such a massive workforce remotely was one of our biggest challenges," Sheth admits. "Managing it through WhatsApp wasn't going to work. We had to build a platform that could track productivity and provide real-time field data centrally." This "infrastructure-lite" approach has made SahiBandhu the largest gold loan aggregator in the country by monthly disbursement volume.
SahiBandhu: Growth at a Glance (Jan 2026)
- Workforce: 900+ Employees (800+ Feet on Street).
- Geographic Reach: 600 Locations across all Indian states.
- Market Split: 70% of business from semi-urban and rural Bharat.
- Status: India's largest gold loan aggregator by monthly disbursement.
- Rebranding: Now evolving into Manipal Fintech to reflect its broader mission.
Founder's Wisdom: Breaking the Social Stigma
The greatest hurdle wasn't the technology or the competition—it was the social stigma. In many parts of India, pledging gold is seen as a sign of financial failure. Sheth and his team are on a mission to educate people that gold is a productive asset that should work for you, rather than sitting idle at home. "You don't have to be diffident," he tells his customers. "It's your asset that you are monetizing."
Rajesh Sheth's Guide for Future Leaders
Be Prepared for Surprises: Entrepreneurship is filled with the unknown. Don't overcomplicate things; have a clear goal and be agile enough to course-correct.
You are as good as your team: Believe in your people. A committed team is the only true "Secret Sauce" for rapid scale.
Value Over Valuation: Don't create a business just to sell it. Create sustainable value for the end consumer, the promoters, and every individual in the organization.
The Meaning of Entrepreneurship
For Rajesh Sheth, entrepreneurship is the act of touching lives and making a difference. It's about waking up at 4:30 AM, running a half-marathon, and being the first one in the office to drive a culture of passion and commitment. By merging 17 years of corporate rigor with the agility of a startup, he has created a platform that is not just changing how Indians take loans—it's changing how they value their heritage.
As SahiBandhu continues its expansion, it stands as a testament to the fact that even in "crowded" markets, there is always room for a player who can bring trust, transparency, and empathy to the last mile. In the world of gold loans, Rajesh Sheth is truly the borrower's "Sahi Bandhu" (True Friend).
About the Guest
Rajesh Sheth is the Co-founder of SahiBandhu (now Manipal Fintech). A seasoned professional with over 30 years of experience, Rajesh spent 17 years at the Manipal Group, where he was instrumental in launching and scaling multiple business lines across BFSI and IT services. An engineer by training from Karnataka University, he is a passionate fitness enthusiast and half-marathon runner. He is recognized for his expertise in large-scale workforce management and his dedication to financial inclusion in rural India. Under his leadership, SahiBandhu has become the country's premier gold loan aggregator platform.
SahiBandhu is India's leading gold loan aggregator, connecting retail consumers with top-tier banking partners. Backed by the Manipal Group, the platform leverages a unique phygital model to provide hassle-free, transparent, and affordable gold loans across 600+ locations. By combining a massive field network with advanced digital onboarding, SahiBandhu helps millions of Indians unlock the value of their gold assets while avoiding unorganized debt traps.