Ayekart Fintech: Giving digital wings to MSMEs
This fintech startup aims to help MSMEs transform their operations digitally, mainly their marketing and distribution functions
MSMEs’ biggest weaknesses since the lockdown last year— that of marketing and digital knowhow—have been stark since the pandemic started. Ayekart Fintech’s ecosystem solves these two problems. It not only solves them, it makes MSMEs (micro, small and medium enterprises) future-proof.
According to Sanjay Shah, co-founder, Ayekart Fintech, when the pandemic hit majority of MSMEs came to a standstill. “Experts predict that 82% of the small businesses has been impacted, and this scenario is only worsening. Although the government’s financial aid is designed to help with working capital, the MSMEs are still left with the problem of not having digital presence and distribution framework for running their businesses in the pandemic and post pandemic marketplace,” he says, adding, “as the last 15 months showed, a business without a digital framework for marketing and distribution will almost certainly cease to exist.”
That is what triggered the creation of Ayekart, a complete ecosystem of business operations, product distribution and finance for MSMEs, informs Shah. “And this is where our recent experience of working with MSMEs came to fruition. Our combined experience in MSMEs and software programming helped shape the idea of Ayekart,” he says, adding, “In a nutshell, AyeKart is incubated by experienced Fintech, marketplace and banking professionals with over nine decades of collective professional experience with domestic and international corporations.”
Put simply, the Ayekart platform aims to help MSMEs transform operations digitally, mainly their marketing and distribution functions. It is doing this by bringing MSMEs on a common platform with nationwide distributors and retailers. The AyeKart platform acts as a backbone in digitally layering the existing MSME supply chain and can be accessed by stakeholders, distributors, wholesalers, retailers, and consumers mobile apps. Instead of crowding each stakeholder’s user experience with a single app, the company took the route of offering three different apps focused on each segment:
Ayekart B2B app for efficient and trusted sourcing (manufacturers, distributors, suppliers)—Digital Supply Chain
Hisaab app for store management (retailers/distributors) – Professionally managed on a mobile
Ayekart B2C app for hyperlocal sales (consumers)—Access your neighbourhood stores digitally.
“Our main focus is to set up the Ayekart Business Digital platform and its acceptability. We have launched this in Uttar Pradesh and are getting a good response among business-to-business community. Since we launched on June 21, we managed a traction of Rs 26 lakh in June itself. In July, we could facilitate closure of large orders for our suppliers. At present, we have order bookings for suppliers to the tune of Rs 11 crore,” says Shah.
Company officials inform that Ayekart Hisaab and Ayekart Consumers are in pilot mode in several pin codes in two metro cities and will be launched soon.
At present, Ayekart is bootstrapped and funded by friends and family. “We have just started our discussion with strategic investors, hopefully there will be more to announce soon. In five years, we intend to make a positive change to businesses of over 10 million MSMEs/SMEs. Our goal is to empower the traditional businesses with technology and finance, and help with marketing reach to fulfill their growth needs. We intend to grow along with the growth story of our MSME/ SME sector,” he adds.