According to a report of Confederation of Indian Industry, Indian MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities as well as 33.4% of India’s manufacturing output. The COVID-19 pandemic has hit millions of micro, small, and medium enterprises (MSMEs), resulting in major losses. In a time of uncertainty, when the country was facing an economic crisis, digitization has played an important role in reviving businesses. Many enablers & platforms are supporting small & medium businesses to connect with their customers and with their continuous innovations and right delivery management, they are able to help more and more MSMEs to contribute their best to the country’s economy.
Here are five platforms that are working towards giving a digital push to Indian MSMEs:
Unnati: Incepted in 2019, Unnati is one of the fastest-growing agritech platforms, providing end- to- end solutions to the farmers and creating farm entrepreneurs. Unnati enables its partner ustores to better serve farmers, digitise farmer store relationships and provide more earning opportunities to them. Over 15000 Ustores are working with Unnati to serve the needs of the farmers and provide access to MSMEs to reach out to the brands and food processors. They help MSMEs to improve their business by bringing more businesses to them, helping them to manage their stores better, improving their inventory terms, etc. Recently, they have partnered with Satyukt, a satellite data analytics startup, to offer innovative farming solutions using satellite technology. This will enable farmers to monitor their farms remotely and take remedial actions in real-time.
ANS Commerce: ANS Commerce is India’s number one full-stack enabler helping brands sell online. Since its inception in 2017, the brand offerings include brandstore tech, performance marketing, marketplace management and warehousing & fulfilment. Helping brands acquire consumers, power brandstores, and jumpstart marketplace operations in no time. With ANS, brands can offer fast & reliable order fulfilment to the marketplace & brand store consumers. Extensive experience across product, e-commerce, retail, and marketing helps the brand achieve higher cost-efficient sales and substantial brand differentiation. The company works with over 100 brands and adds to this number on a fortnightly basis. By the end of 2021, the platform is looking to exit with over 200 brand partners. Some of ANS Commerce’s key partner brands include Vero Moda, Jack & Jones, Bath & Body Works, ITC, Nivea, Bikanervala, and CEAT.
Indifi Technologies: Indifi Technologies is a Gurgaon-based lending platform, enabling debt-financing for small businesses. It aims to substantially improve the experience for borrowers regarding credit access as well as speed and convenience of the loan process. Driven by the idea of expanding access to MSME financing in India, Indifi has emerged as an enabler for start-ups and small businesses seeking seamless access to funding. Indifi expands the envelope of formal lending by designing the right-fit credit products for MSMEs, improving the standard of risk assessment, and leveraging the supply chain linkages of MSMEs. It is one of India’s leading online lending platforms, which has deployed a proprietary machine learning model to drive greater differentiation in its lending operations and optimising functions such as underwriting, risk assessment, and borrower profiling. The machine learning model also strengthens the underwriting process, as the final credit decision is based on more informed insights. Doing so also reduces the dissonance between the final inquiry status for customers to improve the customer experience on the Indifi platform.
Vistaprint India: A leading e-commerce platform for customised and personalised services for (SME’s & MSME’s) individuals and small business owners, empowering them to create an identity of their own. The custom printing services startup empowers millions of small businesses and individuals to market themselves professionally by providing a wide range of quality products that can be customised. Vistaprint India has significantly scaled up its product offering in the last few years by launching new categories, including pens, stamps, folders, canvas prints, branded apparel, and masks. It has also introduced more offerings within its existing products like visiting cards, t-shirts, signage, and marketing materials, among others. The platform claims that its customisation process is fast and easy, allowing small businesses to either choose an appropriate design from a wide range of design templates or upload their own design. Vistaprint has a large customer base of SMBs, who have adapted its easy online customisation solutions.
Novo: Novo brings banking services to the largely underserved communities of freelancers, startup founders, and small business owners. At no hidden charges, Novo allows its clients to open business checking accounts in an enviable span of minutes and assures them of safe and secure transactions. Novo gives its users the flexibility to bank on their own terms, and from anywhere in the USA, right from processing free bank transfers, transaction monitoring to reviewing balances. Founded in 2016 by Tyler McIntyre and Michael Rangel, Novo has a client base of over 100,000 SME customers. With accelerated growth in the last couple of months, Novo aims to become the “financial watchtower for small business” offering data analytics.