Global PayEX Automates Account Receivables Worth Rs.1000 Cr For Goldmedal Electricals

* Cloud based EIPP platform FreePay reconciles payments 2X faster; reduces Daily Sales Outstanding by 9 days

Addressing delays in invoice collections and in offering real time discounts to its 6,000 strong dealer network across India, home grown brand Goldmedal Electricals has automated more than 70 per cent of its Account Receivables (AR) through B2B Fintech Global PayEX’s FreePay – an Electronic Invoice Presentment and Payment (EIPP) solution. This translates into unlocking the potential of working capital worth INR 1000cr 9 days earlier.

Locked up working capital has been a pressing concern for B2B players, especially during COVID-19 pandemic. Add to it, ballooning AR numbers owing to traditional methods of invoice collection via Post Dated Cheques (PDCs) and manual reconciliation of each payment on company’s enterprise resource planning (ERP) software.

With the adoption of the Artificial Intelligence (AI) powered cloud based Software-as-a-Service (SaaS) solution, Goldmedal Electricals has seen faster digital collection, 2X faster reconciliation, a 9-day reduction in Daily Sales Outstanding, which together have enhanced working capital efficiency and increased visibility on company cash flows by 99 per cent.

Around 3,000 dealers of the company have opted for EIPP, with an average addition of 75 dealers every month since June 2019.

Global PayEX Chief Revenue Officer Narayan ‘Naru’ Ramamoorthy said, “Traditional methods and manual processes of AR continues to lock up billions of dollars of working capital across the globe. Our technology unlocks this value to empower businesses in cash flow planning and deployment while also creating value for their dealers by having better access to digital payments and channel finance. We are proud to partner with Goldmedal Electricals in its journey of digital transformation and working capital optimisation.”

The B2B fintech provides the whole stack of cloud solutions for Account Receivables and Account Payables to help optimise working capital for large Indian and MNC clients.

Goldmedal Electricals Director Kishan Jain said, “Around five years back, Goldmedal started on this path to become a digital organization. We started investing majorly in technology to drive efficiencies and productivity in various aspects of our functioning and are thrilled by the results. Integrating Global PayEX's FreePay solution into our systems has been an important part of this initiative and we are delighted to share that we have noticed a significant improvement in our revenue collections along with gaining key insights that have helped shape our business. We are excited about this initiative and look forward to working with Global PayEX on this transformational journey.”

Over the last two and a half years, dealers and distributors of the leading electrical brand use the EIPP solution to make highly secure digital payments. Global PayEX has provided Goldmedal Electricals with a real time dashboard that tracks invoice status and payments received, which helps in reconciling the payment against the invoice into its ERP.

In addition to automating AR, the switch and system manufacturer leverages the platform to offer multi-slab discounts, product and season incentives by region to its dealers and distributors, most of whom are Micro, Small and Medium Enterprises (MSMEs).

About Global PayEX

Global PayEX is an AI powered cloud platform for working capital optimisation in order-to-cash and procure-to-pay cycles. The B2B fintech processed INR 100 billion+ worth of transactions in 2020 for B2B buyers and sellers through multiple banking partners.

Global PayEX offers end-to-end suite of Account Receivable (AR) and Account Payable (AP) solutions including FreePay, AlgoriQ, FinEX and APEX to help large corporates with multiple dealers and vendors in electronic invoice presentment and payment, intelligent automation in reconciliation, channel financing and AP automation and vendor financing.

The B2B fintech has over 40 clients including MNCs and Indian corporates across industries including manufacturing, trading, pharmaceutical, food, FMCG, packaging, electrical, textile and hardware. Global PayEX also operates in the United States and the United Arab Emirates.

Founded by serial IT entrepreneur Mohan Krishnan, Global PayEX is the first fintech company J.P.Morgan has invested in Southeast Asia. It is headquartered in New York and Mumbai.

About Goldmedal Electricals

Goldmedal Electricals is a home grown electrical company which was established in the year 1979 with a vision to create electrical switches and accessories that make a positive difference to the lives of consumers. In 1981, Goldmedal entered the Wires and Cables business. In 1995, the company set up a state of the art manufacturing unit in Goregaon, Mumbai for the manufacturing of wires & cables and modular switches. Alongside Wires and Cables, the company today manufactures a vast range of electrical products including various types of Switches, Home automation systems, Security Systems, Entertainment devices, Door bells, Wires, Cables and more for residential buildings as well as commercial establishments.

PNB Housing’s Unnati Home Loan: A Perfect Tool For Housing For All

As the effects of the global pandemic are tapering down, we are witnessing a steady uptick in the affordable housing segment seeding growth toward the rising demand for home ownership. In fact, many state governments have extended their support in terms of stamp duty reductions and housing finance companies are reaching out to potential customers, especially millennials, with easy and affordable home loans at attractive interest rates, friendly terms and conditions, and contactless service delivery.

For example, PNB Housing Finance is offering customer-friendly Unnati Home Loan of up to Rs. 35 lakh, or up to 90% of the property’s market value for salaried individuals and up to 80% of the property’s market value for self-employed individuals. The minimum home loan amount is as low as Rs. 8 lakhs for Tier-1 cities or Rs. 6 Lakhs for Tier-2 cities. Also, PNB Housing Finance provides such loans for a property of minimum size measuring 225 sq. ft. or 40 square yards in case of a construction loan within the city’s geographical limits.

This makes Unnati from PNBHFC a smart investment choice for young-entrepreneurs and aspirant salaried class of the millennial generation from mid-sized towns and cities of India who would like to invest in an asset class early on in their career life-span. Additionally, the extended 30-year repayment plan reduces the EMI burden on the borrowers.

PNB Housing Finance Managing Director and CEO Hardayal Prasad said, “We launched Unnati Home Loan as part of our constant effort to offer quick, affordable and customer-friendly financial solutions to those aspiring to buy their dream home and fulfil an important life goal. The loan is tailor-made for low and medium income groups, and will give a big push to the government’s broad vision of ‘Housing for All by 2022’. Unnati Home Loan will play a significant role in not only empowering individuals to own their homes but will also lift the socio-economic wellbeing of our Society.” 

Unnati Home Loan from PNBHFC comes along with competitive rates of interest for both salaried individuals, and self-employed with flexible repayment choices. PNB Housing has also collaborated with leading insurance companies to offer customers best-in-class options for insurance products and services right at their doorstep.

Spread over 65 cities with 94 branches, PNB Housing Finance has formed strategic alliances with multiple affordable housing builders across the country to assist in timely loan disbursals. As a step further, PNBHFC’s representatives hold awareness drives, run education-based campaigns and offer consultations on various loan products and its credit worthiness round the year. The underlying aim of these activities is to educate and help new home buyers realise their dream.

With a minimum contribution of as little as 10% of the total cost of a property (including stamp duty and registration charges in case of an outright purchase), buying a home has become lot easier and efficient than ever before. Unnati Home Loan brings with it a range of benefits such as quick and simple documentation, doorstep assistance to facilitate fast approvals and disbursals along with a scope for joint ownership. Simultaneously, an applicant for a home loan under Unnati is eligible for a subsidy under the Pradhan Mantri Awas Yojana (PMAY). With a pan-India presence, buying a home through PNB Housing Finance is both a smart decision and a dream come true.

Moglix Launches Supply Chain Finance Platform Credlix In India

Asia’s largest B2B commerce company, Moglix, has announced its foray into the supply chain financing space with the rollout of its digital platform Credlix. Credlix is a digital supply financing platform from Moglix that provides quick collateral-free working capital solutions, exclusively to its suppliers, pan-India through its collaboration with banks.

Currently the service is available to its 15,000+ suppliers, most of whom are MSMEs. Moglix’s decision to plug into digital supply chain financing is one of the many initiatives it has taken to secure the supply chain ecosystem from disruptions.

Credlix’s supply chain financing platform makes it easy for suppliers to access collateral-free credit from enterprise buyers and banks/NBFCs through invoice discounting. Suppliers will be able to request for early payments from enterprise buyers at affordable discount rates to keep their supply chain up and running. Credlix allows suppliers to monitor all stages of invoice discounting and stay in control of their cash conversion cycle.  From credit application and credit risk assessment to payment approval and final disbursement, suppliers will get a single platform to manage their early payment requests.

Elaborating on the launch of Credlix, Rahul Garg, Founder & CEO, Moglix said “MSMEs in India account for 11 crore jobs and 29% of the country's GDP. Unclogging the cash flow through the supply chain will be integral to fostering winning partnerships between MSME suppliers and large enterprise buyers and realizing the Government of India’s vision for Aatmanirbhar Bharat. Credlix is on track to provide invoice discounting of INR 1000 Crores over the next 12 months and is aiming to touch INR 10,000 Crores discounting value over the next 3 years by scaling up to include more banks, suppliers, and geographies.”

Offline models of credit underwriting have a high exposure to manual intervention and use under-reported financial metrics of suppliers. The offline underwriting system makes the credit cycle more risk-prone, and slower. The risk of NPAs and bad debts compels creditors to charge a higher cost for credit. 35% of MSMEs in India receive payments after 3 months of delivering their manufactured goods. Credlix is offering a technology-driven supply chain financing system that will make it easier for suppliers to get just-in-time payments. Credlix is also building other products on its platform that will solve for other credit needs of suppliers, by partnering with financial institutions.

About Moglix -

Moglix is one of India’s largest and fastest-growing B2B commerce companies specializing in digitally enabled procurement and supply chain solutions for MRO, Packaging, Infra and SaaS products for contract management. It serves industrial products in 50+ categories from 35 locations across India and has presence in the UK, Singapore and Middle East.

Vee Technologies’ Stitches A Partnership With Academia For A Pandemic Solution

* Along with the Department of Fashion Technology, Sona College of Technology develops seam sealing machines for PPE kits

Of the many heroic deeds of Indian firms innovating in a variety of ways during the lockdown — from developing a vaccine, to managing logistics to designing safe online education delivery to developing AI enabled testing platforms, India can add yet another success story – that of developing indigenous ‘seam sealing machines’ for making PPE kits.

The machines stitched out of a successful industry-academia partnership helped beat the six month long wait time to source ones from Japan or China.

Mr Chocko Valliappa, vice chairman of the Sona Group with interests in technology, IT services, design, engineering education and skill training, encouraged the teams within the group to pool their academic and industry resources to benefit the industry and lead to better outcomes for its engineering students.

The leadership team at Vee Technologies, a Bengaluru based technology services company, called upon its team of engineers in the early days of the Covid-19 pandemic to look for areas where it could help play a role in containing the pandemic. It held discussions with the Defence Research Development Organisation (DRDO) on possible areas where it could contribute.

Following discussions, it identified that a key problem area for India was a shortage of seam sealing machines for making Personal protection kits as no Indian manufacturer had ever made them. Importing these machines from Japan and China would mean a long wait time extending up to six months.

A core team of project engineers from Vee Technologies took up the challenge even though many in the team had not even heard the name of PPE kit until March 2020 let alone seeing a machine that would do the seam sealing.  Just before the lockdown the Vee Technologies team had worked with the IT Department of Sona College of Technology to re-engineer an app for contact tracing of Covid19 positive individuals.

A search led them to connect with researchers from the fashion technology departments of Sona College of Technology who were experienced in dealing with different fabrics and materials. The team, homebound during the nationwide lockdown, researched, and then came up with design ideas which it shared over Zoom calls. Several iterations later, the design was finalised. In the middle of a total lockdown, sourcing parts also was challenging.

However, within no time, gleaming seam sealing machines that matched the imported version were ready. The speed with which this team sewed together a product few had seen earned them accolades for producing an engineering marvel because the only details they had were from the manuals and videos online. The team was ecstatic to see these machines in a production facility.

These indigenous machines were soon working side by side with Japanese machines matching their exacting standards in making PPE kits.

Even the AICTE took note of this stellar industry academia partnership. One of the notable reasons why the Department of Fashion Technology team won the AICTE-CII 2020 for its industry-academia linkage. Vee Technologies CEO Mr Chocko Valliappa calls this a showcase of the Indian engineering prowess and a ‘sangam’ of industry and academia to jointly design and manufacture a product in the true spirit of building an Atmanirbhar Bharat.

Vee Technologies is a winner of World HRD Congress dream employers 2021 award.

Ed-Tech StartUp, TagHive Collaborates With The Govt. Of UP To Bring Class Saathi In 200 Government Schools Across Varanasi District

* Plans to bring Class Saathi to 1000 schools in Uttar Pradesh alone by 2022

* Aims to onboard more than 5000 schools by the end of 2021 across India

* Is in talks with state governments of Rajasthan, Kerala and Jharkhand for similar partnerships

Backed by Samsung Ventures, Ed-Tech Startup, TagHive announced today that they have received the official letter from the School Education Department of Uttar Pradesh to bring their flagship product, Class Saathi on board in 200 government schools in Varanasi. The decision was taken after the successful pilot test in around 34 schools with 60 teachers and 1500 students in early 2019. 

Class Saathi’s AI powered clicker-based solution model along with its app, brings digital learning to children even in the most under resourced schools without the need for additional infrastructure like internet or electricity. 

Class Saathi also provides an app for parents and an app for administrators to monitor progress in learning outcomes of the students and stage necessary corrective interventions in time. The startup recently collaborated with the Government of Madhya Pradesh and announced the launch of Class Saathi across 52 districts covering 2080 schools in the state. 

Celebrating yet another successful collaboration, Mr. Pankaj Agarwal, a graduate of IIT Kanpur, Harvard Business School and CEO of TagHive said, “More than happy, we are fueled by purpose to do more, to lighten the burden on the education system in the country. What started as OUR vision is now nationally recognised as a solution to most technological challenges in education today. Our world-first solution has the power to make any school smart at low-cost without requiring schools to have internet connectivity and electricity.” He attributes these key Class Saathi features to their growth and recognition by various state governments.

Mr. Pankaj also says that the foresight with which their product has been developed complies fully with the National Education Policy. “The NEP calls for technological solutions for modern day educational problems. It understands the need for quick, accessible, evaluative techniques to not just improve students’ learning outcomes, but to also evaluate teachers’ performances. That is essentially the core principle of Class Saathi - to assess and provide real time scores so that all the key parties in the system are held accountable to their educational goals”, he said.

It is no surprise then that Class Saathi is coming up as a popular choice with various governments to help them maximise their educational agendas.

Mr. Vinod Yadav, also a Harvard graduate and Director of Progressive Foundation that will lead the implementation of Class Saathi, said “We are extremely happy with the results that Class Saathi has shown during the pilot run in Varanasi in 2019. More than 1000 students successfully answered 20,000 questions via Class Saathi platform in less than a month and we saw an average jump of 8% in their scores. Smart and light assessments and interactive solutions are definitely the need of the hour and we believe that Class Saathi perfectly suits the educational needs of government schools. While Class Saathi would be available in 200 schools of Varanasi, we intend to take it across the state going forward.” 

Speaking about expansion, Mr. Pankaj said, “Any product can grow only when there is a sizable need for it. According to NEP data, 3.22 crore (32.2 Million) students between the ages of 6-17 are out of school. NEP also attributes severe learning lags as one of the key contributors of student attrition. Class Saathi’s assessment model is designed to tackle these learning lags. So, the need for our product is being recognised as essential. If creating educational impact drives our growth, we only aim to expand our services to wherever it is needed”, he said. 

TagHive’s aim is to reach over 5000 schools in India by the end of 2021 and they are already in promising talks with the state governments of Uttar Pradesh, Madhya Pradesh, Rajasthan, Kerala and Jharkhand. 

About TagHive Inc.:

Incorporated in April 2017, TagHive Inc. is a Samsung funded, education technology company headquartered in South Korea and with corporate infrastructure and operations in India. The edtech startup is founded by Mr. Pankaj Agarwal, an IIT Kanpur graduate with an MBA from the Harvard Business School. TagHive offers clicker-based classroom response systems and AI powered at-home learning app under the ‘Class Saathi’ brand in India and under the ‘Class Key’ brand elsewhere. This mobile and desktop enabled smart and low-cost classroom technology solution is currently being used in over 650 K-12 schools in Korea alone. Also, over 200,000 students have already benefited from the Class Saathi at-home learning app. Currently, TagHive owns 17 registered intellectual properties and trademarks and 13 more are in the pipeline. The EdTech company recently raised its latest round of investment at US$10M valuation.

Now Vi Users Can Binge On The Net All Night, At No Extra Cost, On Vi Unlimited

 

Vi prepaid users can enjoy all the data they want between 12:00 am to 6:00 am on Vi Unlimited, over and above Weekend Data Rollover benefits

· Applicable on Unlimited Daily Data Recharges of Rs. 249 & above

Night binging on the Internet and OTT is on the rise, especially as people exercise flexible and remote working and spend more time consuming content. To cater to this demand, Vi has announced Unlimited high speed Night-time Data - without any restrictions, at no extra cost, for its prepaid customers from 12:00 am to 6:00 am on all Vi Unlimited Recharges of INR 249 and above.

With mobile internet becoming the oxygen for people in the pandemic disrupted world, bonus unlimited high-speed night-time data will enable Vi customers to get a lot more out of life and their time. Vi prepaid customers can now unwind after a long day with unlimited infotainment, connect with loved ones over long video calls or schedule downloads without worrying about exhausting their daily data quota. 

Vi customers also enjoy Weekend Data Rollover benefits on all existing Unlimited daily data quota packs of INR 249 and above, allowing users to not only enjoy late night binging on the net, but also carry forward their un-utilized data from the daily quota during the week and use it during the weekend.

Consumption patterns of consumer segments such as the Youth, indicate higher data consumption during night. With this industry-first proposition, offering dual benefit of Unlimited high speed Night-time Data and Weekend Data Rollover, Vi aims to provide more value to its Unlimited users. The new initiative is also aimed at increasing stickiness to the network and attracting new users to our network. 

The Unlimited high speed Night-time Data can be used by Vi customers to browse and download a variety of content from various OTT applications, as well as Vi Movies and TV App - a one-stop entertainment destination to enjoy live TV Shows, latest movies and original content. Downloaded by more than 10 Million+ Vi subscribers it gives access to over 9500+ movies, in 13 different languages, 400+ live TV channels along with a huge catalogue of original web series and International TV Shows across all genres.

As per a recent report by Ookla, Vi GIGAnet was the fastest 4G network pan-India in Oct to Dec ’20.

About Vi:

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is India’s leading telecom service provider. The Company provides pan India Voice and Data services across 2G, 3G and 4G platform. With the large spectrum portfolio to support the growing demand for data and voice, the company is committed to deliver delightful customer experiences and contribute towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The Company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India.

WebEngage Ranked #7 On G2’s Best Software Sellers 2021 List

* This endorsement is a testament to the company’s highly efficient customer data platform & marketing automation suite for consumer tech enterprises and SMBs

* WebEngage is the highest-ranked marketing automation platform on this list

WebEngage, the leading marketing automation suite & Customer Data Platform for digital consumer businesses has topped the charts, by ranking #7 on G2’s list of best India sellers for 2021. The brand has been recognized as the most voted choice on G2’s list of Best India Sellers for 2021. WebEngage has been the highest-rated marketing automation product that focuses on user engagement and retention in this esteemed list of 25 brands.

WebEngage is trusted by some of the biggest brands in the consumer business space to supercharge their customer engagement and retention strategy with industry-leading product performance and support. Previously, WebEngage has been ranked #1 in G2’s Satisfaction Index report 2020 for Asia - a leading indicator of the brand’s dedication to customer satisfaction and end-user experience. 

G2 is the world’s largest B2B tech review platform that houses an annual report that focuses on the state of technology globally and leading as one of the top 10 sellers comes as a big win to WebEngage in G2’s 2021 Report. G2 is a leading peer-to-peer software review platform that helps software seekers make the right purchase decisions by offering real customer reviews about a software product's platform and experience. It houses organic reviews sourced from real-time software users who answer in-depth questions that form a detailed analysis. The G2 report is a well-known source of information for software consumers in the technology space. Brands turn to G2 to understand the software landscape better and make informed decisions on the basis of multiple criteria.

On being recognized as India’s top marketing automation platform, Avlesh Singh, CEO of WebEngage said, “We are extremely thrilled to receive this positive endorsement and appreciation from our users. This validation is a true testament to our vision at WebEngage, a powerhouse, a made-in-India brand that is building global products and managing to deliver phenomenal value to digital consumer businesses. Being one of the top-selling software brands in India, we aim to live up to India's quality when it comes to creating powerful, value-for-money technology products. We will continue building on this approach and abolish the status quo that determines top-quality software coming from other parts of the world only. We envision establishing continued trust and create confidence amongst our users and consumer brands in India.”

G2’s metrics include reviews on product pages, aggregating reviewers' answers, an indicator of similarity of function, an indicator of overlap of usage, customer satisfaction with end user-focused product based on user reviews, Grid® Report Inclusion, Market Presence Scoring Criteria and more. WebEngage welcomes the accreditation that encourages their quest to create a global brand, with a vision to deliver value to its users with a powerful platform, focusing on customer-centricity, and improving the lives of marketing and product teams.

About WebEngage

WebEngage is a customer data platform and marketing automation suite that makes user engagement and retention simplified and highly effective for consumer tech enterprises and SMBs. The platform helps brands drive more revenue from their existing customers and anonymous users through highly contextual, hyper-personalized engagement campaigns across 10 communication channels.  WebEngage powers the user engagement for thousands of enterprise brands worldwide, working across several industries like E-Commerce, Edtech, Fintech, Foodtech, Media & Publications, Gaming, BFSI, Healthcare, Online Retail.

Thousands of product and marketing practitioners design intuitive user lifecycle journeys on the WebEngage dashboard to convert existing users through data-backed, timely omnichannel engagement campaigns. The platform offers in-depth product and marketing analytics for brands to track growth metrics and campaign performance effectively.