Indian startup tackles invoice financing, account receivables market
(2 August 2017 – India) A new company is launching in India to support accounts receivable and invoice management for businesses.
The firm, named PayBee said it is set to digitise the business-to-business (B2B) payments process to help companies enhance cash flow management. The company said it integrates with existing accounting, ERP and distribution management solutions already in place within business clients.
The company was first established in 2013, by the same team that founded business process automation company Onymy Infocomm.
“Poor cash flow management is one of the key problems hurting small and medium sized businesses in India,” said Onymy Infocomm MD and CEO Murali Krishnan in a statement.
“India is a cash heavy economy with fragmented distribution chains and predominately manual business processes. This results in a significant value leakage, hurting businesses that are already struggling with low margins.”
According to the firm, it will have focus on India’s retail industry, which processes more than 300 million invoices a month with the vast majority of these companies relying on cash for day to day activities.
The company supports real-time transparency into the current status of an invoice, and can enable scheduled payments. Further, the company provides an invoice financing solution through a partnership with a non-traditional FI, the firm said.
“PayBee is a unique B2B platform that congregates business partners and our customers. Onymy Infocomm has partnered with a new-gen non-banking financial company, through which retailers can get business credit against invoice easily,” said Onymy Infocomm VP and Head, Business Development & Partnerships Saravanan P.
“This whole process from requesting credit to disbursement is seamless, and enables retailers to manage their cash flows smartly.”
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