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Tag: B2B model

  • IndiaMART: The Success Story of a Leading B2B E-commerce Company in India

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Faster, stable, and more efficient internet is a major factor behind the rise of many startups. However, some startups were pure visionaries, established way before this modern internet connectivity. IndiaMart was one of such startups that were conceived of before the internet became such easily available and accessible as it is today.

    When IndiaMART company was founded by the cousins Dinesh Agarwal and Brijesh Agrawal in 1996, the internet was far from being a household term in India. The IndiaMART founders could very well visualize the revolution that India was about to see with better internet connectivity. Starting with a capital of just Rs 40,000, today IndiaMART is India’s largest and the world’s second-largest B2B e-commerce marketplace.

    So, let’s have a peek into the startup journey of this 25-year-old company, which is making the eCommerce business easy for many individuals, SMEs, and large enterprises.

    Learn about IndiaMART’s history, founders, owners, business and revenue model, founders and team, funding and investors, challenges, competitors, name, tagline and logo, awards, acquisitions, and more.

    IndiaMART – Company Highlights

    Company Name IndiaMART
    Headquarters Noida (Uttar Pradesh)
    Founders Dinesh Agarwal & Brijesh Agarwal
    Industry E-commerce
    Founded 1996
    Parent Organization IndiaMART InterMESH Limited
    Website indiamart.com

    About IndiaMART
    IndiaMART – Founders and Team
    IndiaMART – Startup Story
    IndiaMART – Mission and Vision
    IndiaMART – Name, Tagline and Logo
    IndiaMART – Funding and Investors
    IndiaMART – Shareholding
    IndiaMART – Business and Revenue Model
    IndiaMART – Growth and Revenues
    IndiaMART – Financials
    IndiaMART – Challenges
    IndiaMART – Awards
    IndiaMART – Acquisitions
    IndiaMART – Competitors

    About IndiaMART

    IndiaMART is a leading B2B e-commerce company in India that connects suppliers with buyers. It has around 60% market share in B2B e-commerce along with partnerships with leading brands like Tata, Airtel, Hyundai, Bosch, Canon, and a lot more. It trades almost everything from apparel, and home furniture to electronics, and building equipment. The company provides business visibility and credibility to its buyers and sellers with enhanced trust and experience of 24 years.

    IndiaMart has also ventured into some other sectors, other than being a B2B e-commerce. Operational subsidiaries of India Mart include –

    • Tolexo Online Pvt. Ltd. (TOPL) – Founded in 2014, Tolexo.com was a B2B e-commerce retail and B2B Wholesale platform. In 2017, IndiaMart company announced that it is closing the retail B2B wing of Tolexo.com due to underperformance. Currently, Poora.com (a subsidiary of TOPL) is offering order management services to businesses.
    • Ten Times Online Private Limited (TTOPL) – Founded in 2013, 10times.com is a platform for business event discovery and networking.
    • Pay With Indiamart Private Limited (PWIPL) – Started in 2017, It is a payment gateway that lets sellers collect instant payment from buyers through the Indiamart platform.
    • Hellotravel Online Pvt. Ltd. – Founded in 2009, this platform connects travelers to travel agents.

    IndiaMART – Founders and Team

    Indiamart Founders

    Dinesh Agarwal and his cousin Brijesh Agarwal are the founders of IndiaMART.

    Dinesh Agarwal

    IndiaMART Co-founder CEO Dinesh Agarwal hails from a traditional business family in the Napara district of UP. Agarwal completed his schooling from a Hindi medium school. He then obtained his B.Tech degree in Computer Science & Engineering from Harcourt Butler Technological Institute, Kanpur. Agarwal served in a number of companies before landing a job at HCL for which he needed to move to the US. He was associated with HCL Technologies as a Senior System Analyst before launching IndiaMART. Dinesh also served as a Software Engineer at CDOT Alcatel Research Centre.

    Brijesh Agrawal

    IndiaMART Co-founder and Director Brijesh Agrawal completed his BMS from the University of Lucknow. He then completed his PGDBM from NIILM, after which Brijesh joined Dinesh Agarwal in his venture.

    IndiaMART had around 2,754 employees across different cities in India when last reported in March 2021.

    IndiaMART – Startup Story

    After graduating in software engineering, Dinesh started receiving lucrative job offers. After working in India with different organizations for 5 years, Dinesh went to the US, where he worked with CDOT for 3 Years. He was leading a comfortable life until one day he realized that he was not passionate enough about the work he was doing and had a calling to start something of his own. This made Dinesh return to India in 1996.

    Dinesh was one of the early internet users and realized that the internet can do wonders in promoting businesses, so he decided to build a platform where businesses could display their products through dedicated web pages. Dinesh started the eCommerce business from his flat in Delhi in 1996 as an export marketplace with Brijesh.

    However, finding clients was a difficult task initially for IndiaMART because many businesses were not aware of computers and the internet. They did not know how the internet could help in growing their business. So, they appointed some marketing and sales guys, who could educate the businesses about what the internet could do to them, thereby helping IndiaMart acquire new clients. They also started participating in trade fares held in Pragati Maidan to spread more awareness about their eCommerce business. The first client India Mart received was ‘Nirula’s’ – the famous first food chain in North India. IndiaMart then had to build and maintain Nirula’s website for an annual charge of Rs 32000/-.

    The company initially started by offering free listing services to eCommerce businesses, and once the businesses listed started getting queries from around the world, IndiaMART’s sales representatives used to approach the businesses to report their progress. Once the business was convinced that getting their business listed on IndiaMart was helpful, they started buying paid services and the platform started growing gradually.

    However, in the absence of proper internet-based infrastructure, challenges for the company were many. IndiaMART could not even send e-mails to the businesses regarding the queries these businesses were receiving through IndiaMART, as many businesses did not even have e-mail ids. The IndiaMART team had to take printouts of the queries they received and fax the same to the respective businesses. But despite all the challenges, IndiaMART acquired around 1000 clients till 1999.

    Another challenge appeared before the company with the 9/11 attacks, exports were hard hit due to the tragedy and IndiaMART’s revenue came down by almost 40%. But the team continued its efforts.

    A major turning point came when IndiaMART company shifted focus from export to Domestic market and started serving the eCommerce business within the country. Today over 6 million suppliers are registered with IndiaMART.

    IndiaMART – Mission and Vision

    Indiamart has been founded with a mission ‘to make doing business easy.’ Indiamart is fueled with the vision of retaining its lead in the B2B e-commerce segment in India.

    IndiaMART Logo

    IndiaMart has brought out numerous taglines like “Kaam Yahin Banta Hai” and “Bada Aasaan Hai” till now. ‘The Global Gateway To Indian Marketplace” was the first tagline that IndiaMART recorded.

    IndiaMART – Funding and Investors

    IndiaMart has raised total funding worth $40.8 million over 4 rounds. In June 2019, IndiaMART launched its IPO, which turned out to be one of the most loved IPOs in 2019. As per NSE, IndiaMART IPO cumulatively received bids of 9,66,86,235 equity shares, which is 35.91 times higher than its total issue size of 26,92,824 equity shares.

    Date Stage Amount Investors
    Feb 17, 2021 Post IPO Undisclosed Jefferies, Edelweiss
    June 24, 2019 Venture Round $28.24 Million Elevation Capital
    March 9, 2016 Series C – Amadeus Capital Partners
    Jan 14, 2009 Series A $10 Million Intel Capital
    Jan 1, 2007 Venture Round – Brand Capital

    IndiaMART – Shareholding

    IndiaMART’s shareholding pattern as of May 2019, sourced from Tracxn:

    IndiaMART Shareholders Percentage
    Dinesh Agarwal 31.8%
    Brijesh Agarwal 21.4%
    Intel 12.8%
    WestBridge Capital 5.1%
    Amadeus Capital 5.8%
    Accion 3.8%
    Brand Capital 0.3%
    Other People 3.5%
    ESOP Pool 4.3%
    Other Investors 11.3%
    Total 100.0%
    IndiaMART Shareholding
    IndiaMART Shareholding

    IndiaMART – Business and Revenue Model

    The oldest B2B eCommerce marketplace, IndiaMART operates on a subscription-based model for suppliers. While IndiaMART is totally free for buyers, its main source of revenue is subscription fees received from the sellers, sell of ‘request for quote’ received from the buyers, and the payment facilitation services that it offers. Furthermore, IndiaMART also earns advertising revenue by letting individuals and businesses post advertisements on the IndiaMART app.

    Indiamart- India’s largest marketplace

    IndiaMART – Growth and Revenues

    From starting up when the B2B e-commerce sector was still upcoming to being hailed as the largest operator in the segment, IndiaMart’s success story is itself a testament to the growth it received. Furthermore, IndiaMart is also dubbed as the world’s second-largest online B2B marketplace.

    Here’s a glimpse into the prominent growth highlights of the company:

    • The company boasts a network of over 143 million registered buyers and 6.4 million+ suppliers
    • IndiaMart hosts a whopping collection of 71 million+ products and services
    • It has a staggering 60% market share of the online B2B Classified space in India
    • The B2B giant has further pulled in 259 Mn+ hits on its website and app in the December quarter of 2021
    • IndiaMART recorded opening 52 offices in 52 weeks, which boosted its sales 10X times in a single year
    • IndiaMart has adopted a weekly salary pay disbursal system with an aim to extend a flexible and supportive working environment for its employees. Studied and identified as one of the most critical things that influence an employee, weekly payouts for employees have been practiced in many countries like New Zealand, the United States, Hong Kong, Australia, and more and have yielded successful outcomes.

    IndiaMART – Financials

    IndiaMART InterMESH Limited has demonstrated consistent growth over the past five financial years, with notable increases in revenue and profitability.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 1,196.8 crore INR 985.4 crore INR 859 crore INR 756.1 crore INR 707.4 crore
    Expenses INR 910.8 crore INR 756.7 crore INR 463 crore INR 364.1 crore INR 494.4 crore
    Profit/Loss INR 334.0 crore INR 283.8 crore INR 297.6 crore INR 279.8 crore INR 147.4 crore
    IndiaMART Financials
    IndiaMART Financials

    In FY24, IndiaMART’s revenue increased by 21% to INR 1,196.8 crore from INR 985.4 crore in FY23, while profit rose by 18% to INR 334 crore from INR 283.8 crore.

    IndiaMART Revenue Breakdown

    Revenue Source FY24 FY23
    Revenue from Operations INR 1,196.8 crore INR 985.4 crore
    Other Income INR 2,106.1 crore INR 1,805.3 crore
    Total Revenue INR 1,196.8 crore INR 985.4 crore

    The company’s revenue from operations grew by 21% in FY24, reaching INR 1,196.8 crore, up from INR 985.4 crore in FY23.

    IndiaMART Profit/Loss

    Profit Metrics FY24 FY23
    Gross Profit INR 496.6 crore INR 409.2 crore
    Operating Profit INR 454.4 crore INR 371.3 crore
    Net Profit/Loss INR 334.0 crore INR 283.8 crore

    Net profit increased by 18% in FY24, amounting to INR 334 crore compared to INR 283.8 crore in FY23.

    IndiaMART Expenses Breakdown

    Expense Type FY24 FY23
    Employee Benefit Expense INR 5,440.7 crore INR 4,247.4 crore
    Finance Costs INR 89.1 crore INR 81.5 crore
    Amortization & Depreciation INR 364.6 crore INR 310.8 crore
    Other Expenses INR 3,213.5 crore INR 2,927.8 crore
    Total Expenses INR 9,107.9 crore INR 7,567.4 crore

    Total expenses rose by 20% in FY24 to INR 9,107.9 crore from INR 7,567.4 crore in FY23, primarily due to increased employee benefit expenses and other operational costs.

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    IndiaMART – Challenges

    Being a pioneering Indian B2B e-commerce company, IndiaMart had to face numerous challenges ever since it was established back in 1996. From finding clients, spreading internet awareness, and getting them listed online to help them gain a convincing reputation online, IndiaMart has seen its share of challenges.

    Back when IndiaMart was established, emails weren’t much popular so they had to take printouts of the queries and fax them. The 9/11 attack was another roadblock that IndiaMart saw when their exports were hugely truncated, which dragged down the revenues with them.

    Indiamart also faced the backlash of 2012 when the economy slowed down in India.

    IndiaMart company has recently been featured by the United States Trade Representative (USTR) as one of the most notorious markets. The Notorious Market List of 2021 compiled a total of 42 online and 35 physical markets across the world, and all of these markets, according to USTR, are involved in trademark counterfeiting or copyright piracy. The Trade Representative report of the US censured the popular Indian eCommerce platform as the hub of counterfeit pharmaceuticals, electronics, and apparel.

    IndiaMART – Awards

    Here’s a glance at the list of awards and recognitions IndiaMART earned throughout the years:

    • Red Herring 100 Asia Awards 2008
    • Manthan Award South Asia and Asia Pacific 2013 under the ‘E-business and Financial Inclusion’ category
    • ‘Special Contribution Award’ at WASME – Super SME Awards, 2016
    • ‘Best Online Classified Website Award’ at Drivers of Digital Awards, 2016
    • ‘Best Business App Award’ at GMASA 2017 and ‘Best Business App’ at Drivers of Digital Summit & Awards, 2018
    • ‘Best Online Classified Application’ at Drivers of Digital Summit & Awards, 2018
    • ‘Video Content in a Business Website- Special Mention’ at Video Media Awards and Summit 2019
    • India Law Awards 2019 for ‘Technology, Media and Telecommunication In-House Legal Team’
    • “Most Promising Company of the Year” at the CNBC Awaaz CEO Awards
    • ‘Bada Aasaan Hai’ received the ‘Best Video Content in a B2B Marketing Campaign Award’ at the Video Media Awards & Summit, 2020.

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    IndiaMART – Acquisitions

    Indiamart has fully acquired 2 companies to date. The company acquired the accounting platform Busy Infotech for Rs 500 crore on 25 January 2022, before which, it acquired Playcez on 23 August 2013.

    Indiamart company acquired 26% stakes in IB Monotaro, a Japan-based company, that operates in India under the brand name “Industry buying” and is focused on supplying industrial and business products for the eCommerce businesses, as per reports dated February 24, 2022. According to the deal, the popular B2B sales marketplace platform bought 810K shares from Emtex Engineering for a total consideration of Rs 104.2 crore, with an aim to offer an end-to-end commerce experience enablement and thus, serve the B2B businesses of the country.

    Name of the company acquired Date of acquisition Amount
    Busy Infotech January 25, 2022 $66.38 mn
    Playcez August 23, 2013 $2 mn

    IndiaMART – Competitors

    Some of the leading competitors of IndiaMART are:

    Though there are many upcoming e-commerce companies in India, IndiaMART sustains its position with its stronger network and greater years of experience in the e-commerce field.

    FAQs

    What is IndiaMART?

    IndiaMART is India’s largest B2B online marketplace, connecting buyers and suppliers for business trade. IndiaMART wholesale products help businesses connect with suppliers for bulk purchasing.

    When was Indiamart founded?

    IndiaMART was founded in 1996 by cousins Dinesh Agarwal & Brijesh Agarwal.

    What is IndiaMART net worth?

    IndiaMART InterMESH has a market cap or net worth of 127.48 billion as of February 14, 2025.

    Which is Indiamart’s Parent company?

    IndiaMART InterMESH Limited is Indiamart’s Parent company.

    Who are top competitors of Indiamart?

    Some of the top Indiamart competitors are:

    • Tradeindia
    • Yellow pages
    • Exporters India
    • Amazon
    • Flipkart
    • Tradekey
    • Udaan
    • Paytm Mall
    • CafePress

    Who is the CEO of IndiaMART?

    Dinesh Agarwal is CEO of Indiamart.

    Who is Indiamart founder?

    Dinesh Agarwal and his cousin Brijesh Agarwal are the founders of IndiaMART.

    Which type of company is IndiaMART?

    IndiaMART is a leading Indian B2B e-commerce company that connects suppliers with buyers. It has around 60% market share in B2B space.

    Can we sell on IndiaMART?

    You can Register yourself as a seller and start selling to millions of buyers across the world on Indiamart- India’s largest online marketplace. Log in as a Seller to manage your Profile.

    What is IndiaMART business model?

    IndiaMART operates on a B2B marketplace model, connecting buyers and suppliers online. Its subscription-based revenue model allows businesses to list products and gain visibility, while buyers can search and connect for free. The company earns from membership fees, lead generation, and advertising services, making it a high-margin, asset-light business.

    What is IndiaMART revenue model?/ How does IndiaMART make money?

    IndiaMART earns from paid memberships, lead generation, ads, and transaction fees, making it a recurring, high-margin model.

  • Traditional Business V/S Digital Business and Types of Business Models Used

    This post discusses the differences between traditional businesses and digital businesses. It also talks about the types of business models that come under these two forms of businesses.

    Managing a business is both challenging and interesting. It’s not like your 9-5 government job where one reaches the office at or before a particular time, does some mundane tasks, and then wraps up for the day at a fixed time. With business, everything takes a different turn. Inherent risks and the constant need to pacify customer requirements float in the business owners’ minds.

    A traditional business setup has a physical presence, and it serves people locally by providing services or products through brick-and-mortar stores. In case of a digital business setup, people sitting in any corner of the world can scroll through the web and avail the company’s services and products.

    What is Traditional Business?
    Types Of Traditional Business Models
    What is Digital Business?
    Types Of Digital Business Models
    Traditional Business V/S Digital Business

    Difference between Traditional Vs Digital Business

    What is Traditional Business?

    Organizations such as restaurants, agencies, and anything resembling an office-setup fall in this category. Traditional business-oriented organizations usually sell products or services through stores.

    A traditional business serves customers in exchange for monetary compensation. It works on CAPEX and OPEX. While such organizations focus on profit generation, a few of them—non-profit organizations—work for customers without expecting profits.

    Types Of Traditional Business Models

    Various types of business models used in traditional business are:

    Manufacturer

    The manufacturer business model utilizes raw materials to create products that are then sold in the market. This type of business model involves the assembly of pre-manufactured items. The products are either directly sold to the customers in what’s known as B2C model (business to customer), or to another business unit in the form of B2B model (business to business). Automobile manufacturers are an example of B2C model, and wholesalers follow the B2B model.

    Distributor

    A company in the distributor business model buys products directly from the manufacturer. The company then sells the procured products to consumers or retailers.

    Retailer

    A company following the retailer business model purchases products from the wholesaler/distributor. It then sells the inventory to the public. Brick-and-mortar stores fall in this category.

    Franchise

    In this setup, the company buys the franchise of a very successful brand and promotes the brand’s services/products to the general public. The franchise segment is a popular way to build awareness across geographies.

    Traditional And Digital Business Model 

    What is Digital Business?

    Digital business is the modern form of business, a significant deviation from the established norm. This model leverages technology for value creation & addition, thereby giving an entirely different customer experience.

    The umbrella term includes both digital-only brands as well as traditional businesses that use modern-day innovations. Prominent examples of digital businesses are Uber, the cab-owning service which allows the user to book cabs online, Disney+Hotstar, and Netflix (video streaming service).

    Types Of Digital Business Models

    Types of the business model used in digital business are:

    Basic

    Small businesses fall in this category. With a small presence on digital platforms, such ventures rely on traditional marketing methods like direct mail and print advertising.

    Intermediate

    A level where small businesses employ tools like websites with basic functionality; these sites don’t have e-commerce or mobile rendering capabilities. Other factors like listing in online directories and third-party marketplaces play a major part here.

    Advanced

    Advanced websites with mobile app versions or e-commerce abilities are used by digital businesses in this category. The reliance on Social media engagement is quite significant. Video conferencing, SAAS apps, etc. are part of the toolkit.

    This model is the epitome of digital business. Such ventures have high social media visibility, have little or no physical presence (as in brick-and-mortar stores), and engage with customers extensively through the internet.

    Traditional Business V/S Digital Business

    Traditional Vs Digital Business
    Traditional v/s Digital Business

    There are various differences between traditional business and digital business which are listed below:

    • The traditional business model requires more capital than its digital counterpart. The former needs place, furniture, transport, staff, and other utilities. Digital businesses are cost-effective in this aspect.
    • A business unit following the digital approach is convenient for customers in terms of the flexibility offered in the variety and cost of products (consider Amazon’s extensive product catalog). In the traditional setup, rigidity is a major issue. As a result, consumers are now inclined towards shopping online.
    • The digital business model is yet to achieve perfection when it comes to real-time customer experience. For example, you can’t try a mobile phone before purchasing it from Amazon. You rely on customer reviews and the specifications listed on the website. This obstacle is overcome in the traditional business model.
    • Online businesses tend to have a larger digital market spend than their old-school counterparts. Traditional businesses diversify marketing strategies to attract customers from both local areas and online demographics. But their reach is relatively restricted to digital businesses.
    • Digital businesses work 24/7 and overcome both geographical and timing barriers. You can carry out online purchases in the middle of the night from anywhere in the world.
    • Organizations based on the traditional business model have restrictions on when and where they function. Timings are rigid and customer service isn’t flexible either. There are exceptions where few traditional business operates 24/7, but those are limited in numbers and function in select locations only.

    FAQs

    What is the difference between traditional business and digital business?

    A traditional business setup has a physical presence, and it serves people locally by providing services or products through brick-and-mortar stores. In the case of a digital business setup, people sitting in any corner of the world can scroll through the web and avail the company’s services and products.

    Why is online business better than traditional business?

    Digital businesses work 24/7 and overcome both geographical and timing barriers. You can carry out online purchases in the middle of the night from anywhere in the world. Traditional business has restrictions on when and where they function.

    What is traditional business?

    Organizations such as restaurants, agencies, and anything resembling an office-setup fall in this category. Traditional business-oriented organizations usually sell products or services through stores.

    What are traditional business models?

    Types of Traditional Business Models:

    • Manufacturer: The manufacturer business model utilizes raw materials to create products that are then sold in the market. This type of business model involves the assembly of pre-manufactured items.
    • Distributor: A company in the distributor business model buys products directly from the manufacturer.
    • Retailer: A company following the retailer business model purchases products from the wholesaler/distributor. It then sells the inventory to the public. Brick-and-mortar stores fall in this category.
    • Franchise: In this setup, the company buys the franchise of a very successful brand and promotes the brand’s services/products to the general public. The franchise segment is a popular way to build awareness across geographies.

    What is the difference between traditional and non-traditional business?

    The major difference between traditional and non-traditional business are:

    Traditional

    Standalone stores, retail spaces in malls, and any other type of place that houses a usual location for a given franchise fall under the category of traditional businesses.

    Non-Traditional

    Non-traditional businesses conduct most of their operations over the internet. They might have a few physical stores but these are generally for resolving customer issues and function as a point-of-contact.

    What are the types of ECommerce Business models?

    Four Traditional Types of Ecommerce Business Models are:

    • B2C – Business to consumer
    • B2B – Business to business
    • C2B – Consumer to business
    • C2C – Consumer to consumer

  • Recordent: Credit Management Platform to Secure Your Business Growth

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Recordent.

    Credit management reinforces a company’s liquidity and improves cash flow if done properly. Credit management helps in managing customer risks and accounts receivables. There are several businesses running on credit terms. Such businesses need timely payments and a transparent cash-flow management. Recordent helps them in managing payments. Recordent is a tech-driven platform that provides credit management services to SMEs, rental companies, and large corporates. Their services helps in providing better and transparent cash-flow management and builds trust among customers which consequently helps in securing business growth.

    Read the Success story of Recordent and know more about the startup, founders, the idea of starting up, business model, and its journey towards growth.

    Recordent – Company Highlights

    Startup Name Recordent
    Headquarters Hyderabad
    Industry Re-inventing Credit Management
    Founded 2020
    Founders Harish Mamtani and Winny Patro

    Recordent – About
    Recordent – Industry
    Recordent – Founders and Team
    Recordent – Idea & Startup Story
    Recordent – Name, Tagline, and Logo
    Recordent – Business Model & Revenue Model
    Recordent – Product & Services
    Recordent – Marketing
    Recordent – Challenges Faced
    Recordent – Funding
    Recordent – Revenue
    Recordent – Recognition and Achievements
    Recordent – Partnerships
    Recordent – Future Plans
    Recordent – FAQs

    Recordent – About

    Recordent, is an innovative technology platform focused on providing credit management services, enabling businesses in their secured growth. Their solutions are designed for better cash-flow management and business expansion while creating trust and transparency in seller-buyer relationships through data.

    Recordent’s long term vision is to enable trust and accountability for businesses that offer a service, credit or a loan to their customers. The Recordent team work with a single aim to empower businesses to reduce their credit and financial risks through its solutions.

    Recordent – Industry

    Recordent largely operate for the SMEs industry. The current market size stands at $27 bn. Recordent takes valuable information from reports of Atradius, TransUnion & BCG along with the Govt. MSME ministry website.

    In terms of the market growth, Recordent anticipate a 20% YoY growth for the coming 5 years.

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    Recordent – Founders and Team

    Harish Mamtani is the founder of Recordent, and Winny Patro is the co-founder.

    Harish Mamtani - Co-Founder of Recordent
    Harish Mamtani – Co-Founder of Recordent

    Harish comes on board with exceptional experience in the education sector. He is the Founder & board member of Seed Schools that was founded in March 2013 to invest in and provide curriculum, training, and management services to high quality low-cost private schools (LCPS) in India. He is also the board member for SoftWear Automation, a company disrupting the $100 billion sewn products industry by creating autonomous sewn good worklines for Home Goods, Footwear & Apparel. Harish Mamtani is more focused towards fundraising, partnerships and growth for Recordent.

    Winny Patro is the CEO & Co-Founder of Recordent.

    Winny Patro - Co-Founder of Recordent
    Winny Patro – Co-Founder of Recordent

    Winny Patro manages Day to day operations and running the company. He comes with over 12+Years of work experience in public sector, entrepreneurship, business consulting and coaching. Currently, he is spearheading and managing the day to day operations and running of Recordent.

    Harish & Winny met in 2017 for a social media impact project. Since, Winny was working with government bodies, and that was the first time they spoke. In around 2019, they were quite concerned and shared similar thoughts on the current MSME industry’s payment cycles and credit risks involved. They came together in a quick thought and wanted to start a company that could solve the standing issues for the MSME sector. And that is how the journey for Recordent began.

    Recordent Team
    Recordent Team

    They are now a team of 35+ driven individuals and subject matter experts that have been working on Recordent’s goals to achieve a scenario where businesses are at a position to make sound decisions in terms of finance, and overall credit reduction.

    Recordent – Idea & Startup Story

    Delayed customer payments was a pain point that both Harish and Winny Patro experienced in the companies that they were running earlier. Their inspiration came from this shared peril where they began thinking on the lines to find a startup that could provide solutions for delayed payments and enable businesses to reduce their credit risks.

    The research that went into was first to deep dive into how the trade credit sector operates, and how manufacturing to the last mile delivery value chain works, the trade credit practices and how the credit practices are. How the delayed payments are furthermore affecting the value chain. The founders spoke with key people in the trade credit sector, in trade associations and with bankers to understand the viability of their idea, and that gave us a kickstart to all activities that are currently happening at Recordent.

    Recordent Logo
    Recordent Logo

    The name of the startup was derived by bringing in the most important factor for SMEs that is to track, collate or simply, record their due payments. Furthermore, Recordent came from the idea of ‘recording’ all key business collections and invoices on a unified platform.

    Record + Payment = Recordent

    They have recently revamped their branding and logo. Recordent’s new logo depicts growth, and that is why it is a slightly upward arrow. The yellow color in the logo represents optimis, while the lighter blue in the middle stands for ambitions, and finally the darker blue shade represents trust, a solid foundation for Recordent.

    Their tagline is ‘Lower your risk. Power Growth’. It simply talks about businesses to lower their risks, and therefore empower growth.

    Recordent – Business Model & Revenue Model

    Recordent’s platform enables businesses to submit their customer dues/invoices on a regular basis to collect payments faster and on-time. Inspired from the Credit Bureau model, Recordent informs customers on how their positive payment track record can be viewed by other businesses & lenders to offer better terms on credit or a loan; thus, motives and creates urgency to pay dues sooner than later.

    Recordent – Product & Services

    Recordent is a technology platform that enables businesses to improve collections by credit profiling their customers; and reducing risk by providing insights into the payment history of prospective customers. We’ve partnered with Equifax, Leading credit bureau for businesses particularly MSMEs to make better credit decisions before offering credit against goods and services by providing a consent based comprehensive credit report of potential customers. The startup provides credit reports of businesses, entities and individuals with insights into their payment history for a better financial or business decision.

    Recordent – Marketing

    The first 100 customers came on board completely through direct selling and through associations. Recordent adopted the digital route post reaching a considerable number of members. They now operate in a hybrid marketing model which is a combination of direct selling and digital methods. Their most successful marketing campaign so far has been to have done sms, and marketing affiliations with trade credit associations.

    Recordent – Challenges Faced

    The initial market that Recordent went after were schools and educational institutions. As the pandemic hit and the schools and institutions shut, the markets were slightly tough to operate on given the current situations. The company soon went ahead with a B2B marketing model, and that is how they put together Recordent, and its solutions.

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    Recordent – Revenue

    Currently, Recordent generates a revenue of 4lacs per month, and they have a user base 12,000+ businesses. Some of its notable clients include Udaan, Faith Lumber Pvt Ltd, Pennar industries and Sterling. Their plan for the next 1-2 years is to cater to at least 40,000 businesses and empower their financial well being and fuel their growth.

    Recordent – Funding

    Recordent has raised a funding of $400K in November 2021.

    Date Stage Amount Investors
    November 2021 Angel Investment $400K Family Office of Kantamaneni & IIM Calcutta Innovation Park and other angel investors from India and the US

    Recordent – Recognition and Achievements

    Recordent’s constant endeavors are targeted towards building a trustworthy and solution-oriented platform. Recordent is now ISO 27001 certified, a worldwide standard certification that indicates a commitment to data security and assurance that data assets are safe.

    Recordent – Partnerships

    We’ve also partnered with Equifax India to help businesses particularly, MSMEs to make better credit decisions before offering credit against goods and services by providing a consent based comprehensive credit report of potential customers.

    Its partnership with Equifax US aims to reduce trade-related risks for Indian exporters and importers who trade with U.S. companies. The solution enables Indian exporters to check the credit history of their U.S. business clients. These checks save on financing costs, increase competitiveness and expand commercial activity between U.S. and Indian businesses. Indian importers can also make use of the information to ensure their purchases are from valid and creditworthy businesses.

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    Recordent – Future Plans

    The coming future, the focus will be to keep up the tech oriented solutions and spend time in customer acquisition. Recordent’s major focus areas will be collaborations with complementary fintech and banks for providing financing options to businesses, invoice reconciliation, and adding more services and features to the tech platform for further ease of use.

    Recordent – FAQs

    When was Recordent founded?

    Recordent was founded in 2020.

    Who are the founders of Recordent?

    Harish Mamtani and Winny Patro are the founders of Recordent.

    Who are the competitors of Recordent?

    Some of the competitors of Recordent are:

    • Invoiced
    • YayPay by Quadient
    • Tesorio
    • Lockstep
    • Versapay

    Has Recordent received any funding?

    Yes, Recordent has raised a total funding of $400K.