5 platforms helping India?s MSME sector go digital
Small business owners as well as industry stakeholders have realised that oiling the wheels of the MSME sector will further help in propelling the entire economy forward. Here are five platforms that are making it happen.
According to Cisco India SMB Digital Maturity Study 2020, digital adoption will enable SMEs to add around $158 billion to $216 billion to India‘s GDP by 2024.
The micro, small and medium enterprises (MSMEs) in the country form the backbone of the Indian economy. According to a report by the India Brand
Equity Foundation (IBEF), India is home to about 6.3 crore MSMEs. It employs the largest number of people, second only to agriculture.
In the recent past, especially since the pandemic outbreak, small business owners, as well as industry stakeholders, have realised that oiling the wheels of the MSME sector will further help in propelling the entire economy forward.
This week SMBStory explores five companies that are digitising India‘s MSME sector.
Imprezz is the Indian vertical of Germany-based data service company Buhl Group, which was founded in 1995 by Waldemar Buhl. Bengaluru-based Imprezz was launched in 2019, and provides various services such as generating invoices, accounting solutions, payments, and more.
SMBStory spoke to Amit Mundra, CEO and Country Manager of Buhl Data Service, on how Imprezz differentiates itself, the workings, and its plans in the coming months.
According to Amit, the core of Imprezz is to become a “backbone for MSMEs” and build a platform that caters to all their needs. The billing and accounting software of Imprezz is available for free. However, it has several add-on features, which costs between Rs 999 and Rs 1,499. Recordent India.
Micro, small and medium enterprises (MSMEs) are undoubtedly crucial to the Indian economy. However, access to credit and credit financing are some of the major challenges faced by this sector.
According to rough estimates, 27-29 percent of small and medium businesses (SMBs) operate without any access to formal credit, which leads to a cycle of credit demand. SMEs, being traditional in nature, find it difficult to deal with these challenges.
Enter Recordent, which helps small and medium enterprises manage and monitor their credit risks using data. The Hyderabad-based company was incorporated in 2018 but only started operations in 2021 amid the pandemic.
It offers four main products – cRediDue, cRediEye, Legal Notice, and E- arbitration. From helping MSMEs generate invoice reconciliation notifications and create customer credit history to sending legal notices, Recordent offers a host of services. It claims to have generated over 71,000 invoices, and Rs 2.5 crore worth of business credit reports till date.