Tag: Alok Mittal

Business

TiE Delhi-NCR and Binary Semantics unveil Startup CFO Awards

Feb 28, 2024 by Sujata Muguda 0 Comments #Alok Mittal, #Binary Semantics, #CFO Award, #Delhi-NCR, #Srijan Choudhary, #startup

New Delhi, February 28, 2024 – Leading organization fostering entrepreneurship nationally, TiE Delhi-NCR, in collaboration with global technology company, Binary Semantics recently announced the 1st Edition of the Annual Startup CFO Awards. This groundbreaking initiative I aimed at celebrating the exceptional achievements of Chief Financial Officers (CFOs) in the startup ecosystem. The awards aim to acknowledge these trailblazers whose transformative leadership reshapes the trajectory of modern Startups.

CFOs today transcend conventional boundaries. The CFO roles have it all – a dynamic acumen of an entrepreneur and a strategic mindset driving them to navigate evolving market space. It is paramount to recognize and celebrate the exceptional contributions of CFOs. These visionary leaders emerge as the face of innovation drivers of India, propelling organizational success to unprecedented heights.

Srijan Choudhary, Growth and Strategy Leader from Binary Semantics said, “India’s entrepreneurial growth story needs their continued focus on harnessing technology to build strong, sustainable startup ecosystems. At Binary Semantics along with TiE Delhi-NCR, we are proud to be part of transformative journey of acknowledging and honoring the visionary CFOs shaping India’s entrepreneurial terrain.”

Highlighting their significant contributions to India’s entrepreneurial landscape, the awards will recognize CFOs across 8 categories: 1. Energy, Infrastructure and Cleantech Startup CFO of the year; 2. Manufacturing Startup CFO of the year; 3. Pharma, Chemicals & Biotech Startup CFO of the year ; 4. Consumer Products, E-commerce Startup CFO of the year; 5. Logistics Startup CFO of the year ; 6. Digital Innovation Startup CFO of the year ; 7. Financial Management & Reporting Excellence Startup CFO of the year; 8. Governance and Compliance Excellence Startup CFO of the year.

Talking about the awards Alok Mittal, President, TiE Delhi-NCR & CEO, Indifi stated, “TiE Delhi-NCR is proud to unveil the Startup CFO Awards in collaboration with Binary Semantics at TiEcon Delhi 2024. This initiative exemplifies our commitment to recognizing and honoring the unsung heroes and leaders who contribute to a venture’s success. The Startup CFO Awards aim to shine a spotlight on the financial architects behind startup triumphs. TiEcon Delhi 2024 will serve as a convergence for industry leaders, entrepreneurs, and innovators, providing a platform for collaboration, knowledge sharing, and celebration. We invite the entire entrepreneurial community to join us on this remarkable journey of acknowledging excellence, innovation, and sustainable growth.”

The distinguished panel of experts comprising the jury for evaluation of the entries includes Mandeep Mehta – Group CFO, PB Fintech; Mayank Gupta – CFO, CarDekho; Rohit Sabherwal – Founder & Managing Partner, Integra Solutions LLP; Siddhartha Khaitan, CFO – ESME Consumer P Ltd . The awards provide a unique opportunity for industry recognition, networking with senior business leaders, and sharing success stories. Shortlisted applicants will receive a 6-month subscription to GSTrobo® – GST Compliance, return filing and Reconciliation, e-invoicing and e-way bill solution courtesy of Binary Semantics.

TiEcon Delhi 2024, themed the New Bharat: Confident, Bold, Inclusive will be a hub for networking, funding and learning. It will witness the convergence of industry leaders, entrepreneurs, and finance professionals. The Startup CFO Awards add a unique dimension to the event, recognizing key players in financial leadership driving innovation and economic growth, while underscoring TiE Delhi-NCR’s commitment to fostering excellence and innovation in entrepreneurship.

Business World

Indifi Technologies and PayU address weekend working capital woes faced by merchants with its one-of-a-kind product “Early Credit”

Nov 26, 2020 by Gouri Achary 0 Comments #Alok Mittal, #COVID-19, #Indifi Technologies, #Noopur Chaturvedi, #PayU India, #SMB Businesses

Festivals are the peak time when businesses experience a tremendous spike in sales. However, not every player has access to sufficient funds essential for addressing numerous challenges associated with the efficient management of working capital. This is where the latest innovation developed by Indifi and promoted through their partnership with PayU, India’s leading online payments solutions provider, comes into the picture.

Businesses witness high growth in sales, especially over the weekends. But due to the fact that payment settlements don’t occur during this period, most merchants remain out of cash for 3-4 days (mainly Friday-Monday), making it difficult for them to make payments to concerned people – suppliers, manufacturers, or staff – and meet other fixed expenses, too. But not anymore!

The early credit product is a short-term credit solution designed to address this particular need. It is a short-term fund that small merchants can avail and is credited to their account every Friday based on the anticipation of the previous weekend sales. PayU’s 4.5 lakh merchants can avail credit amount starting from Rs. 25k up till Rs 50Lacs. Once credited, these merchants can ensure that all their weekend operations are managed without any hassle. PayU will process and facilitate transactions for this 100% contactless and digital solution.

Indifi is the first player who has come out with such a breakthrough solution when businesses have merely started seeing signs of revival but haven’t gotten back to normalcy like pre-COVID times. According to a recent survey by Indifi in the last few months, 34% of retailers and 38% of e-commerce players found accessibility to credit a challenge in August compared to 58% of retailers and 30% of e-commerce players in June. Although businesses have recovered a bit, it is a clear indication that it will take more time to revive completely compared to pre-COVID days.

Apart from managing operations during the weekend, the latest early credit product can also be used during bank holidays when businesses don’t get paid, causing further delay in their operations. Not only is it providing a fillip to them during these pressing times, but it is also helping them maximize sales by improving their cash flows. The innovative product has gained significant traction since its recent launch, with 20% of merchants already leveraging it for running their businesses seamlessly.

Alok Mittal, CEO, and Co-founder, Indifi Technologies, said, “The core objective behind this product is to accelerate the revival process of small and medium businesses while also boosting their sales during weekends, without worrying about payment delays, even during holidays. The disruptive solution will further act as a robust support system for merchants to ensure smooth sailing to their sluggish operations without any shortage of credit. The new development is already working as a game-changer for businesses and we are sure that it will help them drive more sales in the coming months.”

Noopur Chaturvedi, Country Head – SMB Businesses, PayU India, said, “Working capital and credit has traditionally been a constraint for small and medium businesses as they are often unable to access formal channels for loans. The pandemic has only exacerbated the issue. Working with Indifi, we will offer our merchants seamless digital credit solutions to tackle a major issue in their day to day operations and to help stimulate growth.”

COVID-19 has significantly affected retail and e-commerce businesses, mainly in the form of extensive lockdowns, ceasing operations of shops and companies across India. This has also resulted in the growing reluctance of formal lenders against weak and slowly-reviving players. However, with Indifi’s unique early credit solution, every business – be it small, medium, or large – can ensure operational continuity and continue to serve customers seamlessly, even during a crisis like this.