Platforms that are supporting the growth cycle of MSME sectors

Witnessing the drastic changes in the Indian economy, MSMEs have surely been a strong factor in upscaling the existing market with its fair share of numbers. It is no surprise that this sector has not only attracted the attention of various bodies but also developed as a segment altogether. When talking about the multiple sectors they operate in, MSMEs stand out for their contribution to GDP, and exports as well as in providing employment to the massive population of the country.

Walking this growth road has also been bumpy for the MSMEs but India being a large business ecosystem, helps them buckle up to continue on this path. Below mentioned are five such companies that are dedicated to nurturing this sector by supporting their growth cycles.

ShakeDeal

1. ShakeDeal, is a digital-first supply chain and B2B commerce platform, supporting the “Vocal for Local” idea. It also provides proprietary sourcing, procurement, and pricing intelligence tools that ensure and guarantee savings for procurement departments. ShakeDeal enables procurement through its proprietary negotiation software along with on-demand aggregate buying for reselling or consumption. It offers products such as power tools, hand tools, cement, cutting tools, office supplies, and packaging materials. They are currently associated with over 10,000 SMEs and 200 + large enterprises such as Adani, Vedanta, Tata consumer products, Nayara Energy, Bharat Heavy Electricals Limited, Shell, and Flipkart. They also offer supply chain financing for the MSME companies to support the working capital.

Clear

2. Clear (formerly ClearTax), India’s largest fintech SaaS company, has launched an Invoice Discounting product for Enterprises, marking its foray into SME credit and B2B payments. The Invoice Discounting product will be available to Clear’s existing 3,000-plus enterprise customers to provide working capital solutions to their suppliers and help grow their businesses. Clear’s Invoice Discounting product has been designed to deliver instant working capital and liquidity to suppliers and is expected to process $3B by the end of FY24. The smart AI/ML-based platform will connect to ERPs and enable a discount rate selection that is acceptable to both customers and their suppliers. The enterprises can choose from a range of financing options to fund their early payments: they can use their own surplus cash, opt for a line of credit via banks, or go through the TReDs marketplaces from within Clear’s platform.

Aye Finance

3. Aye Finance, a brand providing unsecured small-ticket business loans to a large credit-starved micro-enterprise segment, caters to the credit needs of the micro-entrepreneur sector. The brand designed the “Cluster-based credit assessment” methodology to work around the obstacles of thin-file and lack of credit history and banking footprint. Furthermore, it offers customised small ticket loan offerings to suit the requirement of this segment and provides beyond financing support to this sector through its Not-for-Profit arm FAME (Foundation for Advancement of Micro Enterprises).

Ekank

4. Ekank Technologies, a storytelling platform that aims to make history, art, culture, and heritage accessible to the masses, works with smaller brands and helps them in cultural storytelling that in turn helps them in connecting with the consumer base in a more meaningful way. It directly helps the MSME sector to stand out and create a larger brand presence.

Crediwatch

5. Crediwatch (CW), an AI/ML-powered company that operates in the space of business analytics, credit risk intelligence, and insights on businesses, is driven by its mission to solve financial inclusion of MSMEs, remove barriers to trade and credit and build trust and transparency in business and has done the same for supporting the growth of this sector.