SMV Wheels Private Limited
Chief Financial Officer
Company Website: www.smvwheels.com
Company Background
SMV Wheels was established in April of 2010 to empower rickshaw pullers to own their own rickshaw within one year by creating a weekly repayment model that works toward eventual ownership. The cycle rickshaws sold by SMV have been re-engineered to be technically superior to rickshaws on the market and physically less demanding for drivers to pull.
Cycle rickshaw drivers are one of urban India’s most marginalized communities. Most are rural migrants who have either permanently moved to the city or come to the city for three months twice a year to supplement their farming incomes. The work is attractive as it does not require any training, there is no capital outlay for the new driver and the income is immediate. Over 45% of drivers are illiterate; they are often homeless or living in slums and have five dependants on average. Cycle rickshaw drivers suffer a higher incidence of alcohol and substance abuse. This is partly a function of the drudgery of the work but sadly is also sometimes encouraged by fleet owners seeking to create dependence.
SMV Wheels addresses underlying causes of poverty through asset based entrepreneurship development. SMV Wheels sells cycle rickshaws and offer customers an extended payment period along with vocational support. SMV recruits drivers, undertakes credit checks, and delivers the rickshaw to customers at which point ownership transfers to them. SMV then collects payments over a 54 week period. Customers pay Rs250 per week, roughly one day of income. Calculated on a daily basis, SMV charges Rs36 versus the fleet owners who charge Rs30 for daily rental but without any chance of ownership.
SMV provides licenses to the drivers, something that is not available to them now as the law requires you to own the rickshaw in order to have one. This significantly enhances their quality of life as it reduces the risk of police harassment. SMV also provides insurance for the rickshaw and health insurance for the driver.
SMV Wheels was the winner of the Sankalp Award for Social Enterprise in 2011 and was awarded prize money by First Light Village Capital 2011.
Role Description
The CFO will manage the finances, accounts, taxation and reporting aspects of the business. The CFO will provide support to the CEO and colleagues by:
- measuring and monitoring business performance
- partnering with peers to identify and execute growth strategies
- implementing continuous process and business improvements
- leading finance related compliance programs and strengthening internal controls
Key Responsibilities
- Oversee the approval and processing of customer payments, individual loans, expenditures, budgets and salaries
- Help to create and implement a capital and debt raising plan
- Identify, develop and maintain relationships with Banks and Financial Institutions
- Negotiate insurance premiums with Insurance providers
- Coordinate the preparation of financial statements, financial reports, operational reports and information to Board of Directors, investors and other stakeholders
- Assist the management team with policy making
- Recruit, train, supervise and evaluate department staff
- Other duties as assigned
Qualifications
- CPA qualification and a post‐graduate degree in Management or Finance is preferred
- Detail oriented
- Demonstrated capacity to work in a fast‐paced, entrepreneurial environment
- Ability and willingness to learn quickly, work under pressure & meet tight deadlines
- Willingness to work long hours including weekends & holidays as necessary
- Dedicated to the mission of the organization
Logistics
- This role is based out of Varanasi, Uttar Pradesh in India
- A/C and internet access may not be available on a continuous basis
- Frequent travel may be required
