5 Tech-Based Platforms Empowering MSMEs Embark On A Future-Ready Growth Trajectory

By: Bhavya Kaushik

Below are some of the leading tech based platforms that are empowering Indian MSMEs evolve and re-invent their businesses within the digital economy.

The SME landscape in India is growing dynamically and is a major contributor to the socio-economic development of the country. Currently, MSMEs’ contribute over 29% of India’s GDP making it one of the largest employer in the country. Despite their achievements, the MSME segment largely remains to be conventional and often left out of the technology spectrum.

Digital proficiency of MSMEs’ is therefore vital to empower them to grow in the online space successfully which in turn will help build the sector towards becoming future ready. However while digital integration offers an opportunity to grow, MSMEs’ face several barriers owing to limited access to internet and affordable digital tools, complex cross-border trade processes, shortage of digital skills, and difficulties in navigating digital regulations among others.

Today, a host of tech based platforms, are bringing about a revolution by helping MSMEs grow agile and become a catalyst in their own domain while driving socio-economic transformation. Backed by innovation and technology these platforms are enabling MSMEs optimize costs, improve operational efficiency, develop targeted products and services besides inculcating an entrepreneurial mindset

Below are some of the leading tech based platforms that are empowering Indian MSMEs evolve and re-invent their businesses within the digital economy.

Freightwalla

Freightwalla is an intelligent Digital Freight Forwarder providing instant quotations for ocean freight, real-time tracking and digital solutions to streamline logistics operations. This Series A funded platform aims at bringing increased value and transparency while effectively addressing the pain points experienced in case of export shipments. Freightwalla enables exporters avail end to end digitised freight services inclusive of planning, booking and managing their international freight shipments online. Today, Freightwalla witnesses a shift in the exporters and importers mind-set using the digital mode of shipments – evolving as smart shippers. With the digital way of shipments, shippers are now witnessing reduced timeframe in shipments, savings in over-all logistics costs, and stress-free end-to-end cargo movements.

PayNearBy

PayNearBy, India’s largest hyperlocal fintech network is strengthening local retailers by providing a wide variety of financial as well as non-financial digital services. With a robust network of 15 lakh+ retailers on-board, the company empowers the unbanked and underbanked population across the country to seamlessly avail services such as Aadhaar ATM, SMS Payment and Khata Services. Today it has extended its retail network to even offer non-financial services such as – e-commerce, OTT, online education among many others. In April and May, PayNearby disbursed benefit transfers worth over Rs. 6000 crores, across 17,500 pin codes across India.

LendenClub

Founded in 2015, LenDenClub is the fastest-growing peer-to-peer platform in India, brings together lenders and verified borrowers. Identifying a huge scope for small-ticket loans and addressing this significant need, the company offers small ticket loans through its platform Instamoney. It has been offering easy loans to small businesses and has helped a section of the population in tier III and rural regions who do not get credit from banks. Its instant personal loan platform InstaMoney has expanded its footprint to pan-India enabling borrowers from over 19,000 pin-codes to get credit facility in the quickest time.

MSwipe

Mswipe is a leading financial services platform for MSMEs in India. This payment acceptance and POS enabler has revolutionized the digital payment space for merchants across the country by providing convenient, safe and affordable POS and other payment accepting systems to the merchants. Mswipe today serves over 1 million customers

RazorpayX

RazorpayX is the neobanking platform of India’s newest unicorn Razorpay. The neobank has served over 10,000 businesses – processing their payroll through Opfin, paying for expenses through Corporate Card, and paying the vendors of businesses in real-time, disbursing billions of dollars through the underlying payouts layer. Fully-functional current accounts on RazorpayX can be opened by customers and operated. RazorpayX Current Accounts come with standard banking features such as cheque book, debit card, and account statements. The platform has capabilities such as API banking, approvals workflow, and insightful reports.

Meesho

Meesho enables small businesses and individuals to start their online stores via social channels such as WhatsApp, Facebook, Instagram, etc. Headquartered in Bengaluru, India, Meesho is one of the three Indian companies to be selected for Y-Combinator in 2016.

Shift Freight

Shift Freight is India’s fastest-growing tech-based aggregator platform for movers and packers in the country. Founded in 2020, the company thrives heavily on technology. The booking system is easy and bidding-based so that the end consumer gets the best possible price. Shift Freight provides a dedicated shifting manager to apprise the consumer from pick-up to the last mile delivery. The platform can be used for several services, including domestic, household, commercial or office shifting. Through the network of Shift partners, the company has delivered approximately 2000 Orders monthly.

CREDIT:http://bwdisrupt.businessworld.in/article/5-Tech-Based-Platforms-Empowering-MSMEs-Embark-On-A-Future-Ready-Growth-Trajectory/25-06-2021-394433/

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