The Indian economy is classed as a mixed economy, where both public and private sectors exist, function, and thrive in harmony. In recent years, the Indian economy in recent years has risen to prominent heights, thereby registering its presence on the global economic landscape. Currently, India is the world’s 5th largest economy by nominal gross domestic product (GDP) and the 3rd largest by purchasing power parity (PPP). It is noteworthy that small and mid-size businesses form an integral part of the Indian economic paradigm. After agriculture, small businesses are the second largest employment provider in the Indian economy. Small business enterprises generate the most employment opportunities per unit of capital invested In comparison to big-scale industries. 95% of the industrial units in the Indian economy comprise small-scale ventures, and 40% of total industrial output is generated by small-scale enterprises. The vision of India turning into a $5 trillion economy by 2025 is contingent on the success of small and mid-level businesses. As small-scale business ventures form a sizeable part of the Indian economy, their progression is crucial to the success of India as an economic power. Over the past few decades, the importance and calibre of the small-scale industry have been duly realised by the government of India and several monetary schemes and plans have been introduced to render fiscal benefits to the small and mid-level enterprises. However, there are various hurdles that small-scale businesses face in contemporary times. The persistent flow of adequate funds forms the foundation of any commercial venture. The ability to get loans sanctioned often is a challenge for small-scale businesses due to lower creditworthiness and the lack of formal documents required for the aforementioned process. Lack of digitisation in the era of the electronic revolution and fraud and delays in payments also impede the routine functions of small-scale and medium enterprises. Fortunately, there are credit-granting firms, micro-savings platforms, and several loan agencies in the market to help small-scale ventures to thrive by granting them easy loans, convenient access to finances without the formalities of paperwork etc. Mentioned hereby are the companies that help small businesses to thrive in India:
Introduction: Incepted in the year 2009, Aryan Technologies is a distinguished Exporter and Manufacturer offering an enormous consignment of Truck Loading And Unloading Conveyor, Assembly Line, Flexible Roller Conveyor etc.
Association with IndiaMART: “I didn’t have a set-up to work, my friends gave the shop deposit”, says Abhijit Shah, the owner of Aryan Technologies. The journey started in 2011 as gauges manufacturer, but in 2017-18, they started manufaturing conveyers. Abhijit smiled and said, “In 2019-20, I joined IndiaMART and with its help I got connected with large enterprises such as Kirolskar, Johnson India, and Schindler.”
He also mentioned, that during the lockdown, with his determination and IndiaMART’s help, he was able to conquer all the challenges that life threw at him and at his business.
The COVID-19 crisis was a tipping point of historic proportions for digital adoption. The world saw many years’ worth of digital transformation in just a few months. The resulting acceleration in the use of technology, digitization and the rise of remote work has brought about the fourth industrial revolution. The barriers to entry to international markets are reducing, economic gaps are closing, and access to global resources is becoming more democratized. The ambition and passion of Indian entrepreneurs finally have a global outlet and can successfully reach the US and other markets in a way never before seen.
So, What’s next?
This is a question that every successful business works toward, and more often than not, the answer is global growth. However, scaling to a global market is still not an easy task, no matter the size of your enterprise or coffers. In most cases, companies that want to expand to the US and other global markets need to spend considerable money and time in order to do so. More often than not, the CEO or executive team may have to physically fly to the country to set up a bank account, legal entity, and payroll just to employ a few people. The process can take up to 6 months and isn’t always successful.
Even if a company is able to set up DIY operations, they are confronted with the cold start problem of entering a market for the first time: no trust, traction, reputation or customers. It can take years to achieve sustainable growth in a new market. But overcoming the cold start problem is not something they have to do alone. There are local partners that can help Indian entrepreneurs enter the US and other global markets in a matter of weeks while handling all aspects of business establishment overseas. From providing legal advice or assistance, handling all the infrastructural requirements to talent acquisition, or even making
connections to high-level government officials, mentioned are the dedicated organizations that help enterprises expand their business abroad.
In alphabetical order, they are:
1) Alariss Global
A one-stop-shop for entering a new market, Alariss is the first solution that helps increase revenue and leverages the potential of remote work not for outsourcing but for team expansion. The company serves entrepreneurs from emerging economies who aspire to move their enterprises to America. Alariss makes execution easy by recruiting and building the go-to-market team, then serving as the American Employer of Record (EOR) by handling compliance, payroll, and health insurance, with the core focus on the vetted and curated American sales talent.
Alariss Global is the first tech-enabled global expansion marketplace. Founded by Harvard and Stanford grads with expertise in diplomacy and growth, the brand is located in Silicon Valley and is your one-stop solution to launch and flourish your business venture in the US. Alariss has a vast and diverse clientele comprising the fastest-growing and most ambitious international companies on every continent looking to set up a presence in the US. Through Alariss’ platform, Indian startups can recruit their US country manager and sales team, provide benefits, account for local regulations and taxes, and also search for a suite of other solutions, including banking, legal, accounting, and office rental, in a matter of days.
A pioneer in a new movement, Globalization 3.0, where talent is hired globally, Alariss believes that the future of work is global.
The establishment of a business in a new country generates a requirement for numerous job opportunities. An enterprise that wants to venture abroad would need a dedicated and efficient staff to run the operations from overseas. Staff sourcing and hiring is a consequential step for your company that needs to be taken with caution to reap maximum benefits and success abroad. Indeed is a recruitment platform which is a renowned name in talent acquisition and employee sourcing.
Indeed is an American employment portal which was established in 2004. The recruitment portal allows entrepreneurs to hire the best talent available internationally. Indeed also allows job seekers to connect with multinational firms that intend to hire global talent. The site aggregates job listings from thousands of websites, including job boards, staffing firms, associations, and company career pages. Indeed is one of the versatile job portals to assist your business in sourcing the finest talents worldwide.
Small and Medium Enterprises (SMEs) are the foundation of any country’s economy, and in India, they make up 30% of the nation’s GDP and employ more than 11 crore people. At present, SMEs mainly serve the Indian consumer, but the sector’s next frontier of growth lies in exports. SMEs have the potential to help India realize its goal of being a $5 trillion economy, but SMEs are limited by resources, time and capital that may hinder their global aspirations. This is where B2B eCommerce platforms like IndiaMART can help.
With 154 million buyers, 7.2 Million Suppliers and 86 Million Products & Services, IndiaMART is India’s largest online B2B marketplace. With 60% market share of the online B2B Classified space in India, the channel focuses on providing a platform to Small & Medium Enterprises (SMEs), Large Enterprises as well as individuals. Founded in 1999, the company’s mission is ‘to make doing business easy’. The company provides a service called IndiaMART Verified Exporter for expanding your business around the globe. This service can be purchased by IndiaMART clients who want to conduct business in the import-export domain.
Strong networking with affluent and seasoned professionals can be a boon for any enterprise aspiring to move abroad. A sturdy grid of professional connections can help a business to prosper in multiple dimensions. LinkedIn, the world-renowned network of professionals, provides opportunities for various conglomerates and professionals to connect with each other.
The platform paves a path for numerous opportunities for individuals who aspire to grow professionally by introducing them to great career options. Enterprises that look forward to growing their businesses overseas can harness a lot of benefits from convenient access to the premium professional networks available on LinkedIn.
5) US-India Business Council (USIBC)
For a company entering a new market, networking may help foster friendships, understand the market challenges, make industry acquaintances, and even business partners. When such networks are made, it helps businesses understand sustainable practices and unlock new avenues of growth. One organization that can help large enterprises build networks of immense value is the US-India Business Council (USIBC).
USIBC facilitates meetings between members and key policymakers in the US and Indian governments, as well as offering introductions and networking opportunities to entrepreneurs within their membership. They serve as the voice of the industry, link governments to businesses, and support long-term commercial partnerships that will nurture the spirit of entrepreneurship, create jobs, and strengthen the US-India partnership as a force for global good.
Formed in 1975, the US-India Business Council connects the two largest democracies in the world and inspires sustainable solutions to local and global business challenges. The US-India Business Council is part of the US Chamber of Commerce, which believes in the power of free enterprise for the happiness of people, not just in the US but all around the world.
6) Zoho Books
Efficient management of finances plays a vital role in the success of any business. Financial management becomes crucial when an enterprise plans to move overseas. Managing finances internationally can be time-consuming, tedious and challenging due to numerous factors like legal implications, tariff policies, procedural surcharges etc. A well-managed account and finance portfolio can ensure the success of a business on foreign soil. Zoho Books is a finance management platform which takes care of all the fiscal and monetary records of the companies.
Zoho Books is a comprehensive cloud financial platform that provides solutions in areas like core accounting, bank reconciliation, stock trading, managing fiscal projects, managing workflow etc. With effective maintenance of your enterprise’s audit trail, invoices, sales & purchase orders, banking etc., Zoho books ensure minimal to zilch discrepancies in your firm’s financial records, thereby paving a path for uninterrupted growth in the overseas markets.
Globalization has interconnected the economies of the world. Companies in contemporary times want to venture ardently into international markets. Establishing businesses abroad is a lucrative option to add surplus to the profits generated. The mentioned brands have immense potential to assist an enterprise in setting up global operations. Especially brands like Alariss Global, which are a one-stop-shop for all operational requirements, from talent acquisition to compliance, the overseas establishment of enterprise has become both convenient and immediately rewarding.
· IndiaMART’s performance is reflected in the collections from customers that grew by 32% to Rs 9,317 million
· Paying Subscription Suppliers grew from 152,394 as of March 2021 to 169,324 as of March 2022
· IndiaMART Verified Export Service launched exclusively for Indian Exporters
·It invested more than $100 Mn in companies offering Commerce and Business enablement solutions on the platform
August 26, 2022: IndiaMART, India’s largest online B2B marketplace, has released the Annual Report 2021-2022 on the central theme of ‘Empowering Businesses’.
As per the report, IndiaMART’s performance is reflected in the collections from customers that grew by 32% to Rs 9,317 million, Deferred revenue witnessed a growth of 25% to Rs 9,066 million and Paying Subscription Suppliers grew from 152,394 as of March 2021 to 169,324 as of March 2022.
IndiaMART’s strong network effect expands across 149 mn registered buyers, 7.1 mn suppliers and 83 mn products and services across 95000+ categories. The 6.9 million suppliers have listed their products on IndiaMART’s platform free of cost to promote and grow their business online, further aiding the digital inclusion of MSMEs operating in our ecosystem.
To strengthen its resource, IndiaMART made focussed investment in expansion of channel sales partners and hired ~ 1,000 new employees across product, sales and service teams.
Throwing light on the way forward, Dinesh Agarwal, Founder & CEO, IndiaMART, said in the report, “We will continue to augment our technology and product suite for further ease of use for our customers. Our negative working capital business model, strong zero-debt balance sheet, category, regional diversification, and brand awareness will further drive our efforts to realise our customer promise. Coupled with the rapid growth in internet adoption & mobile penetration, we are well poised to leverage the future growth opportunities and are evolving accordingly.”
The report also mentioned that IndiaMART leverages its proprietary behavioural data-driven algorithmic matchmaking to connect businesses with relevant buyers. It made regular investments in Artificial Intelligence (AI), Machine Learning (ML) and Data Analytics across various parts of the user journey to drive better experience. Along with strengthening its technologies, IndiaMART also launched an exclusive service for Indian exporters ‘IndiaMART Verified Export Services’, which enables 50,000 export-oriented sellers on IndiaMART’s platform to expand their business across the globe.
The company has invested more than $100mn in companies offering commerce and business enablement solutions in the areas of accounting, logistics, supply chain, vertical commerce, financing, and other softwares. Identifying accounting as an important need for businesses; it acquired Busy and Livekeeping and invested in Vyapar & Realbooks and is now available in all segments of accounting.
Talking about promoting a sustainable future along with creating a long term sustainable value for its stakeholders, the report states that “As of March 31, 2022, we have 1.2 million products listed on the platform that fall in the sustainable category and we have serviced 0.9 million unique buying requests for green products by providing them information of relevant suppliers of such products. Furthermore, IndiaMART continues to make efforts to enhance its operational eco-efficiency thereby lowering its carbon footprint.”
Introduction: A leading manufacturer of wide range of Plant Growth Promoter, Plant Growth Regulator, flowering stimulant, Plant Nutrients, Organic Fungicides, Organic Pesticides/ Insecticides, Virus controller and supplier for Raw materials of Agrochemicals
Association with IndiaMART:
Coming from a farmer’s family, with very less financial support, Janak Dhameliya didn’t lose hope & wanted to make it big. While talking to IndiaMART he quoted, “I cycled for more than 4 lakh kilometers to do marketing for my business, visited each and every village in Gujarat for Promotions & Marketing. Today with dedication, good quality products, & the right support from IndiaMART portal, there is no looking back for us.”
Introduction: Sapphire Interior Solutions Pvt Ltd. is manufacturer of wooden wardrobe & other products since 2007 in Manesar Village, Haryana.
Association with IndiaMART:
“I was awarded as the top salesman of the year. That was the turning point in my life & I decided to start my own business. After a few years of establishing my business I started looking for digital options. Among all the options which I tried, IndiaMART gave me the best results as 90% of my online business was only coming through IndiaMART portal. IndiaMART has helped us in running our business even during difficult situations”, says the owner of Sapphire Interior Solutions Pvt. Ltd.
Noida, India, July 21, 2022: IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the first quarter ending June 30, 2022.
Financial Highlights (Q1 FY2023):
IndiaMART reported consolidated Total Revenue from Operations of Rs. 225 Crore in Q1 FY23, a growth of 24% YoY primarily driven by 23% increase in number of paying subscription suppliers and addition of Rs. 10.53 Crore revenue from accounting software services. Consolidated Deferred Revenue increased by 34% YoY to Rs. 961 Crore as on June 30, 2022.
The Company continued making growth investments in manpower, product and technology, sales and servicing resulting into growth in revenue and paying subscription suppliers. As a result, consolidated EBITDA was Rs. 64 Crore for Q1 FY23 representing EBITDA margin of 29%. Expenses for the quarter also included one-time cost of Rs. 4.07 Crore related to the acquisition of Busy Infotech Private Limited and Finlite Technologies Private Limited, which have been consummated during the quarter. Net Profit for this quarter was Rs. 47 Crore representing margin of 21%.
Consolidated Cash Flow from Operations for the quarter was at Rs. 75 Crore. Cash and Investments balance stood at Rs. 1,882 Crore as on June 30, 2022.
Operational Highlights (Q1 FY2023):
IndiaMART registered traffic of 257 million and Total business enquiries of 115 million during Q1 FY23. Supplier Storefronts grew to 7.2 million, an increase of 10% YoY and paying subscription suppliers grew by 23% YoY to 179,260 with a net addition of 9,936 paying subscription suppliers during the quarter.
Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, said:
“We are starting the fiscal year on a positive note as the quarter registered modest all-round profitable growth and improvement in overall demand environment. We continue to make investments in strengthening our value proposition as well as building the organization to further accelerate digital transformation of businesses. We look forward to capitalizing the emerging opportunities arising from the increasing adoption of the internet on the back of investments made in the recent quarters as well as a strong balance sheet.”
IndiaMART is India’s largest online B2B marketplace for business products and services. IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions. IndiaMART provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.
|IndiaMART InterMESH Ltd.|
Tower 2, Assotech Business Cresterra,
Floor No.6, Plot No.22, Sec 135,
Noida-201305, U.P.Registered Office
1st Floor, 29-Daryaganj, Netaji Subash Marg, Delhi – 110002.For any queries, please contact: email@example.com
“Weekly pay has helped me maintain constant money flow, higher interest earnings, and greater cash liquidity to address my ongoing expenses. If you know how to supervise expenditure, there are only benefits of systematic, frequent and routine income.” – Paras Lehana, Lead Engineer, IndiaMART
The regular flow of money is essential to everyone’s well-being. We all know that paying employees on time is probably more critical than all of the other HR activities put together. This is particularly important in case of the new age employees, the millennials and Genz, many of whom live away from home, once-a-month paychecks hinder their experiences and are hampered by their payrolls’ lack of flexibility. More than ever before, employees value experiences, financial independence, a flexible work culture, and a work-life balance over a basic collection of belongings.
Taking into account the benefits of employees, IndiaMART initiated disbursing salaries weekly instead of monthly, another first by the organization catering to the changing expectations and dynamics of new-age employees. Employees who are paid weekly are better able to satisfy their immediate financial obligations. Not to mention how the weekly incentive quadruples the excitement of payday, making employees more fulfilled, as a result, more devoted to the organization’s goal.
The Weekly Payout System goes a long way towards supporting employees in overcoming financial issues and reclaiming control of their lives, positioning them for success in all aspects of their lives. Amid the fast-expanding Flexi work culture, instant satisfaction is what every employee wants, and IndiaMART’s decision to introduce weekly compensation is first-of-its-kind for any firm in the country. The company began moving in this manner many years ago when it switched to weekly incentive payouts for several roles across the firm.
After the announcements, questions poured in from employees, especially regarding the most recurring payments like various Bills that are by and large monthly payouts. So, IndiaMART has collated the best practices on how a person can plan their monthly finances that highlighted the Dos and Don’ts to be followed. With this, the company also conducted open houses along with business heads for employees to educate them on the best practices and take any questions or queries that they had.
Shivi Malhotra who is a Relationship Manager at IndiaMART was one of those employees who had their doubts about this decision initially, she said, “When initially the weekly payout module was explained to us I was a little skeptical that how are we going to manage the daily and fixed expenses. Even though it was a little confusing at the initial stage but when an unexpected expense came up in the 3rd week of March, I checked my bank statement and actually found the amount that I needed and that was the moment of relief.”
In contrast to the previous procedure of a one-time monthly payment, with weekly payouts, fixed components of remuneration, such as earnings and deductions, are separated into four portions and distributed to employees at the conclusion of each week.
All about employee satisfaction
In a time when consumerism is increasingly influenced by digital platforms, social influencers, and increased brand awareness which is leading to more fast-buying methods, it seems unfair for the employees to wait a whole month for their pay. A regular flow of money is hence essential to the well-being, financial wellness, and employee motivation of any individual. Payment on a weekly basis makes it easier for them to meet their real-time fiscal obligations. In developed countries such as New Zealand, Australia, Hong Kong, and the United States, weekly payouts are already commonplace.
The weekly payout system is a part of the larger efforts of IndiaMART, to work towards the betterment of the employees. Like, during the pandemic, the company introduced many initiatives to aid employees in a seamless transition from work office to work from home. Programmes like iLeaps, iBuds, and Own your Desktop by the company enabled the employees to work efficiently from home by extending to them the resources to own their office laptops and providing discounted rates on online courses to broaden their horizons.
Beyond their own workforce, IndiaMART has taken several steps in the last two years to reach out to underserved segments of the workforce through their Online Associate programme, onboarding over 3500 freelancers, including people with disabilities, and women returning to the workforce after a break, and aspirants from remote locations. Their latest action is simply another step in the same direction. Keeping a healthy balance is extremely difficult in an always-on-the-go world. Employees need both the opportunities as well as the resources to decompress and rebalance. IndiaMART’s announcement for the Weekly Payout System, hence, goes a big way in helping employees alleviate their financial hardships and regain control of their lives – positioning them for success in every aspect.
While Zomato‘s $636-million deal to acquire Blink Commerce (which operates Blinkit) has generated excitement in India’s quick-commerce industry, some smaller players are feeling the heat.
Ola has decided to shut its quick commerce business, Ola Dash. The announcement comes just months after the company had announced expansion plans. The shared mobility major has decided to prioritise Ola Electric, and will also be reorienting Ola Cars, its used-cars retailing division.
But electric vehicles aren’t easy to tame.
After a video of a Tata Nexon EV catching fire went viral recently, Ola CEO Bhavish Aggarwal tweeted that any car could catch fire, but EVs were much safer than internal combustion engines.
The fourth edition of the week-long India MSME Summit 2022 has seen some insightful conversations from small business entrepreneurs and industry stakeholders.
During a fireside chat, Dinesh Agarwal, Founder and CEO of IndiaMart, discussed how Indian MSMEs can overcome their existing challenges and more after COVID-19.
The best is kept for the last, as YourStory gears up to host the Grand Finale on June 27, which will host speakers from different industries, policymakers and influential leaders, to discuss what’s next for the sector.
Why attend the Grand Finale?
Watch the event live on YourStory TV, Facebook, and LinkedIn. To receive the premiere link, register here.
During a fireside chat at the India MSME Summit 2022, Dinesh Agarwal, Founder and CEO of IndiaMart, discussed how Indian MSMEs can overcome their existing challenges and more after COVID-19.
In this “new normal”, after two years of the COVID-19 pandemic, businesses across the board have had to re-strategise their short and long-term goals to cope with the new realities.
Especially MSMEs had to respond to the challenges at hand, ensure productivity, stay connected and engaged with their workforce, and create value as an organisation.
During a fireside chat on day 5 of the India MSME Summit 2022, Dinesh Agarwal, Founder and CEO of IndiaMart, discussed how Indian MSMEs can overcome their existing challenges and how better implementation of policies can help small businesses.
The fourth edition of the India MSME Summit 2022 is a week-long celebration, between June 21 and 27, with a grand finale on India MSME Day.
Simpler and wider adoption: In the last few years, the government introduced policies like the Production Linked Incentive (PLI) scheme, but the MSMEs saw mixed results from the scheme amid the COVID-19 pandemic.
He also highlighted that the government should simplify the Goods and Services Tax (regimes), which will enable its wider and quicker adoption.
Going digital: Digital adoption is rapidly ongoing among Indian MSMEs as it significantly lowers the cost for any business.
According to Dinesh, around 90 million users visit IndiaMart’s website every month. The company has also developed an artificial intelligence (AI) based system that would understand different languages.
Change in mindset: MSMEs are inherently traditional. However, their mindset seems to be changing as more and more small business owners are ready to part with equity to grow their businesses.
The last few years saw several MSMEs getting listed on NSE and BSE’s SME exchange platforms, and more small business owners are considering stock market listing in the future.
Hybrid working: One of the biggest lessons the COVID-19 pandemic taught us is to have a hybrid work culture and communicate more because meeting in person may not always be possible.
Building strong supply chains: The pandemic helped everyone understand the importance of supply chain and trade management. At a time when the world was on a lockdown, supply chains helped procure medical supplies and other necessities, which calls for building resilient and future-proof supply chains.