Yubi Group, one of India’s largest lending technology conglomerates is using Oracle Cloud Infrastructure (OCI) to run its co-lending platform across the country.
It has achieved scalability and enhanced performance with OCI’s enterprise security, high availability, low cost and globally distributed cloud regions.
Yubi Group's founder and CEO Gaurav Kumar said the transition to OCI marks a "significant" milestone in the organisation, facilitating seamless scalability along with the establishment of a multi-cloud environment.
“As we gear up to increase our transaction volumes by over 10-fold in the upcoming months, technology plays a pivotal role in realising our growth objectives," Kumar said.
The firm has opted for OCI due to its dual-region cloud strategy, anticipating over 25 percent cost savings from this migration.
Yubi has partnered with 80 percent of Indian banks and over 150 non-banking financial companies (NBFCs).
Its co-lending platform handles more than a million daily average transactions, enabling over 750 lenders to disburse joint loans worth US$1.2 billion (S$1.6 billion) to more than a million customers across India since its inception three years ago.
The company needed to further enhance its co-lending platform with better flexibility, scalability and high-performance computing resources to handle increased disbursement volumes and capitalise on the rapidly growing market.
With the migration, Yubi will benefit from high-performance computing and low-cost cloud storage options, thus improving the efficiency and productivity of its IT team.
It will help the firm to combine open-source technology with OCI to improve performance and functionality.
Yubi said it can also combine cloud services from multiple clouds to optimise costs.
It will also deploy OCI services such as Compute Virtual Machines (VMs), Object Storage, and OCI Database with PostgreSQL to gain flexible compute capacity for its large-scale and small development projects.
The company's recent digital initiative includes the launch of an online bond platform - Aspero, an intuitive interface in October 2023 for retail investors to trade in listed bonds directly or via wealth partners.
Yubi further aims to gain greater control of the budget, reduce underused resources, and forecast spending more accurately.
