5 startups that are helping MSMEs streamline their day-to-day operations
Micro, small and medium enterprises (MSMEs) play a pivotal role in the development of rural areas by providing employment and promoting industrialisation at the grassroots level. According to IBEF, India is home to 63 million MSMEs, which contribute around 6.11 percent to the manufacturing GDP, 24.63 percent to the GDP from service activities, as well as 33.4 percent of India's manufacturing output.
With India currently undergoing a digital transformation, the MSME sector is not left behind. New-age technologies like Artificial Intelligence (AI), Augmented Reality, Data Analytics, Financial Accounting, and Machine Learning have spurred new business models and empowered small businesses.
These technologies can help MSMEs automate and generate analytics from their daily operations or connect with stakeholders (such as financial institutions, buyers, or suppliers) to increase productivity, upscale, and innovate further.
Here are some startups that provide solutions to MSMEs for their daily operations:
AlignBooks co-founder Anand Jajodia
Delhi-based, founded by Anand Jajodia and Samir Garg in 2017, is a software-as-a-service (SaaS) startup that provides accounting software to MSMEs to help them with invoices in an automated and digital-first manner.
It also offers an integrated utility for GST requirements through a single dashboard within the accounting and ERP (Enterprise Resource Planning) solution. In addition, it provides a range of features—from billing to connected banking, POS, sales, multi-currency transactions, receivables and payable management, CRM, HR, management of multi-location accounts, and auto bank reconciliation.
AlignBooks has clients among distributors, traders, manufacturers, and other service segments across industries.
It has a built-in audit module and CVSS (Customer Vendor Self Service) that add differentiating flavours to the product.
Hyderabad-based, founded by Harish Mamtani and Winny Patro in 2018, helps small and medium enterprises manage and monitor their credit risks using data.
The startup offers four products—cRediEye, E-arbitration, Legal Notice, and cRediDue. These products help MSMEs generate invoice reconciliation notifications and create customer credit histories by sending legal notices.
In a previous interaction with YourStory, Recordent claimed that it generated over 71,000 invoices and Rs 2 crore worth of business credit reports over the years.
In November 2021, the startup raised $400,000 in an angel round from IIM Calcutta Innovation Park, Family Office of Kantamaneni, and other investors from India and the US for technology development and customer acquisition.
Aniket Doegar, CEO and Founder, Haqdarshak
Pune-based, founded in 2016 by Aniket Doegar, Asha Krishnan, and PR Ganapathy, is a mobile and web technology startup that aims at delivering government and private schemes and services to eligible citizens.
Haqdarshak is designed to help MSMEs, with its physical card enabling discovery and access via a QR code for government and private welfare services.
The startup's Yojana Card aims to ensure every small business and citizen in India gets access to government schemes and services by enabling discovery and access via a QR code.
Haqdarshak offers MSMEs customised implementation programmes such as applying for schemes and on-field support. It also collaborates with financial institutions and service providers to offer their products and services to small businesses.
“We are focused on our solutions for COVID-19 response, services for MSMEs, and new digital offerings for our last mile,” Aniket, Founder and CEO of Haqdarshak, earlier said.
In May 2021, Haqdarshak raised Rs 6.65 crore in a Pre-Series A round from The Deepak Group, Impact India Investment Partners, Beyond Capital, and others.
Bengaluru-based, founded by Arjun N in 2016, is an AI-based platform that bridges the knowledge gap among MSMEs in the manufacturing sector and offers consultations and strategies for growth, technology adoption, business development, and more.
The startup connects MSMEs across sectors like automotive, FMCG, defence, aerospace, textiles, and others with consultants or experts.
SolutionBuggy enables small business owners to add their requirements and get connected to a consultant who can help entrepreneurs overcome their dilemmas and provide them with a clear path toward their goals.
SolutionBuggy consulting aggregation platform works on providing domain expertise to small and medium-scale enterprises in the manufacturing industry to help them address their challenges.
Mumbai-based, founded by Mihir Lunia and Rehan Netarwala in 2019, helps small businesses get real-time insights from their financial data.
The startup aims to help small and medium businesses scale up by providing them with easy access to their financials: profit and loss statement, sales, cash flow, receivables, and more.
Brego enables small business owners to monitor their financials without having to rely on their accountants for financial data.
It integrates with the Tally accounting software and gives business owners all the necessary key reports and metrics.
The company enables managers to collaborate with team members, irrespective of the team size, and gives them access to specific reports, which they can share with vendors and customers.
The startup offers a seven-day trial period, after which one can buy an annual subscription worth Rs 2,999.