M Y One Lakh Shopping India Pvt Ltd (MOLS) is started in the year 2016 to provide both Online and Offline discount to customers using Mols membership card. To ensure the discount, Mols had partnered with 80+ Online portals and100+ National and Regional Merchants, 1000+ small retail stores across all categories.
Our MOLS members are paid with extra cash back and instant cash discounts while they use their membership card during shopping in our partner merchants.
Story behind the company name
While we decided to start the company we had plan to upgrade our business to digital wallet and prepaid card issuing company. According to RBI norms prepaid card spending limit per day is Rupees One lakh only. So, we named it as “M Y One Lakh shopping” (MOLS).
Products & Services
MolsIndia is a digital financial service providing company and it caters various digital financial services to various industries like Education, Logistics, Textiles, Cinema, Big corporate and unorganized daily wages industry. And also direct
service to end customers.
This company is started in the year 2016 as an Online cash back company which
partnered with several online portals like Amazon, Flipkart, Redbus, Bigbasket,
Makemytrip, Croma, Tatacliq, 1mg, Agoda, etc.
When customer uses either MolsIndia website or Molspay application to shop in
their favorite portals, they will be paid extra cash back over and above the regular
discount they get in the respective portals.
As a part of business up-gradation and expansion MolsIndia partnered with
MasterCard to provide prepaid card to it’s corporate clients and customers thus
launched it's prepaid card in the mid of 2018. The application has facility to book
travel and other tickets, utility bill payments and recharge of mobiles, DTH etc. This
concept successfully brought nearly 50,000 customers to MolsIndia.
To upgrade the Application now BBPS (Bharat Bill Payment System) and UPI unified
payment interface APIs are being integrated which is under progress to enhance the
digital transaction in the MolsPay application.
Mols Pay Merchant & Delivery App
This is an upgraded version of Mols Pay App, which will be launched soon. In this
version MOLS is planning to provide free billing software to its merchants based on
the industry or category. This facility will be available both in App and in the web.
We provide the merchant a facility to announce his offers, discounts, and latest
arrivals to his customers around him for about 1Km to 5 Kms radius through Mols
notification at free of cost. MOLS also provides free door delivery tracking tool,
through which both the merchant and the customer can track the delivery boy.
Mols Payment Facilitation
Molsindia is planning to provide POS machine to it's partner merchants. The POS
machine which we provide has multiple advantages like even a closed loop card like
Sodexo cards can be swiped, foreign cards can be swiped and currency conversion
will happen automatically and it also acts as a mini ATM, so that the merchants can
even allow his customers to withdraw cash.
We are planning to cater our service in different sectors which includes both
organized and un-organized sectors. We use different strategies and channels.
1. Corporate Sector: For corporate companies we have plans to provide Open
loop and semi open loop cards, where the employees benefit from the employers
will be loaded in the card in the semi open loop and the open loop will be loaded
directly by the employees and can avail our cash back. We are already doing a
customized program for some companies. For Health Insurance companies, we
are planning and initiated discussion to provide our card as the settlement
option for their customers.
Chief Business Officer - Srinivasan.S is a business management graduate from
Bharathidhasan Institute of Management from Thiruchirappalli. He has more than
24 years sales and Management experience in various industries like
Pharmaceutical, Insurance, Banking, Real estate. And he worked in companies like
ICICI Bank personnel loan division. Glaxo, Pifzer, Cadila, in pharma industry, Avia
Life insurance and Reliance life insurance.
Senior Vice President - Madhan Kumar M is a computer software graduate from
Madras University, Chennai and he has more than 17 years Sales & Marketing, and
Management experience in various industries like Telecom, Banking, Insurance, and
Trading. He worked in companies like Hutchisson Essar, HDFC Bank, ICICI
Prudential, Avia Life, Aditya Birla, Religare .
Director & Chief Operation officer – Rama Prasad KR is a commerce graduate
from Madras Christian College, Chennai along with bachelor of Law from Madras
Law College and a member of bar council, Madras High Court. He has 15 years
experience in Insurance companies like ICICI Prudential and AVIVA and Real Estate