Tag: Nishant Arora

Business

Sixth Element Finserv’s Setup Services India to strengthen financial services market in Pune

Oct 20, 2021 by Rekha Nair 0 Comments #Founder, #Nishant Arora, #Setup Services India (SSI)

Sixth Element Finserv’s Setup Services India (SSI) aims to develop a one-stop financial services solution for the next-gen entrepreneurs; it aims to facilitate business registration, compliance(s) management and advisory processes to be robust, transparent and cost-effective.

Headquartered in New Delhi, SSI has a profound professional network and in-house team of CAs, CSs, MBAs to ensure the efficiency and effectiveness of the services being delivered. The company says that the goal is to become an extensive KPO in the B2B arena and provide solutions to the new India.

Talking about Pune’s scope of giving India new startups, Nishant Arora, founder, Setup Services India (SSI), said, “Pune is among the cities with largest youth population; the rapid urbanization has led to an influx of youths in the city, and 73 per cent of its total population is below 50 years of age. Therefore, we can easily say that Pune has an edge in the probability to give India the next-gen startups and making unicorns.

Pune has consistently ranked among the top-5 cities in software & IT startups. The 2000s saw many new startups in the software services and products space. The company says that it wants to strengthen the startup network in India by easing out the business processes.

Explaining the company’s role in the startup ecosystem in the city, Arora, said, “We provide end-to-end financial services to the startups looking for a head start in the Indian startup ecosystem. From incorporation to regulatory registrations like GST, MSME, IEC, we do it all. Post incorporation, we extend a plethora of services that can take care of compliances management, internal MIS development, project report preparation, agreements drafting and startup pitch deck preparation too.”

“In today’s time where consultants suggest startups to use online tools to streamline their day-to-day finances & compliance management, SSI is trying to shift the paradigm and promote the KPO culture in India so that they can outsource key financial and technical activities to agencies like SSI. It will help founders/ entrepreneurs focus on their core business activities and grow // instead of being tied up in managing their financial processes and wasting time on something that can be outsourced and managed with ease,” he adds.

SSI is all about next-gen startups’ requirements, i.e providing quality services under one roof to guarantee efficiency and effectiveness in an easy process. “Coming from a vast experience and handling an array of industries, the promoters, experts and counsel of consultants at SSI help new startups adapt the working flows, SOPs’, knowledge base & know-how enjoyed till date by only leading corporations which eventually pay like maybe 7 -10 figure pay packages to their CFOs,” he said.

The company says that it is trying to replace accounts dept and not the CA; SSI is introducing CRM in financial services so that startups feel secure while being associated with a consulting firm. The experts at SSI are pushing and promoting use of targeted MIS, reporting mechanisms & data analytics to help the entrepreneurs get the best info out of their day-to-day activities.

On the usability of future-oriented KPO culture in finance in a labour-intensive country like India, Arora said, “Corporate employee count of Uber India is in double digits, which should appeal the entrepreneurs on how such a small number of employees can manage big shows; this is possible if a company is effectively automated and outsource the activities that do not concern its day-to-day business.”

On the extent to which outsourcing of financial/ technical activities can be done in a company, Arora said, “Some large corporations in India have even outsourced their payment management systems where service providers manage the banking of clients and remit payments approved as per the set SOPs’. But, this info doesn’t come to the knowledge of the masses. SSI is trying to bring in the KPO culture so that India can be labour as well as technologically intensive at the same time.

Business

Fintechs to play a role in greater financial inclusion: Nishant Arora

Sep 18, 2021 by Rekha Nair 0 Comments #fintechs, #Founder, #Nishant Arora, #Sixth Element Finserv’s Setup Services India (SSI)

Digital banking is a huge play in India, according to KPMG’s Pulse of Fintech, which also points out that it has a unique model compared to other jurisdictions, with digital banks serving primarily as Software as a Service (SaaS) providers and regulatory responsibilities remaining with bank partners. The fintech business received $2 billion in investments in the first half of 2021, which is equivalent to the total amount invested in the entire year of 2020.

Commenting on the scope of fintechs, Nishant Arora, founder, Sixth Element Finserv’s Setup Services India (SSI), says, “After working in the financial advisory/consultancy industry for more than seven years, I found out that there is no brand in the financial advisory industry that guaranteed quality services to the general public. The Fintech companies have to realize that not every startup can or want to hire a huge accounting firm because they are not only expensive to hire, but also lack the flexibility that a startup may wish to. As a result, SSI was founded as a pure management consulting firm with advisors, facilitators, and problem solvers to help SMEs, young entrepreneurs, salaried employees/professionals, foreign investors, and business owners overcome their challenges.”

According to Nishant, “The goal of the Fintechs should be to assist startups by making it easier to do business in India. At SSI, our goal is to become an extensive KPO in the B2B arena and provide various solutions to the new India. We use advanced data metrics and new methods to handle finances professionally.”

Nishant began working in finance even before graduating with a bachelor’s degree in commerce from the University of Delhi in 2016. He started his career as an Articled Trainee in an accounting firm in 2013 and later continued as a Senior Associate, until 2017. He worked on Statutory Audits, financial structures, and taxes of leading companies in the housing and real estate, consumer goods manufacturing, engineering, heavy equipment manufacture, textile, automobile, hospitality, entertainment, banking industries and PSUs throughout his time with the accounting company.

Talking about filling the gap and help the business grow from scratch, Nishant, says, “The aim should be to develop a one-stop financial services solution for the next-gen entrepreneurs. The need is to help foreign and Indian companies identify strategic advantages and incentive schemes in the Indian commercial ecosystem before incorporating their businesses. At SSI, we keep these goals in mind.

Explaining more about his company, he informs that “the role of SSI starts before the launch stage of a business; SSI nurtures past ideation & projection, and then proceeds with the registration of formal entities for clients and further help them to structure their MIS, create internal financial control systems, restructure their capital layouts and raise funds via both debt as well as equity instruments.

Also, to facilitate the #startupindia initiative, SSI does not charge any professional fees for startup registrations.

Apart from companies, we also help individual clients with their financial needs and compliance requirements throughout the year.”

Looking to promote outsourcing technical activities related to finance, SSI is bringing in domestic KPO culture. Nishant adds, “We aim to become a gateway for foreign companies who are looking out to establish their businesses in India.”