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Mr. Sonu Mirchandani promoted consumer durables major Onida. He spotted a unique
business opportunity on seeing a lack of credible information on individuals and
corporations. Mr. Mirchandani felt that unlike the developed countries where everyone
has an identity and a financial profile, India did not have any such records for
consumers. As a result, Onicra was established in 1993 to fill this gap.
The going was tough initially when most institutions claimed that their internal
departments were capable of assessing the risks associated with individuals. Mr.
Sonu Mirchandani says, "It took us five years to convince some of our current customers
that profiling and rating of customer details is crucial."
Information related to salary details, employment history, and place of residence
is important in determining an individual's ability to pay a loan, to extend a service
or product or to meet any other liability.
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