Sunday, Sep 22, 2019 | Last Update : 06:45 PM IST

These four new age business models are digitizing the way micro entrepreneurs work

THE ASIAN AGE
Published : Aug 20, 2019, 4:32 pm IST
Updated : Aug 20, 2019, 4:32 pm IST

These models have directly or indirectly addressed different facets like book keeping, digital verification, financial lending etc.

In line with the startup India and digital India movement India witnessed a healthy convergence as the startups targeted digital route to build sustainable business models.
 In line with the startup India and digital India movement India witnessed a healthy convergence as the startups targeted digital route to build sustainable business models.

In line with the startup India and digital India movement India witnessed a healthy convergence as the startups targeted digital route to build sustainable business models. A lot of startups identified the need of digital touch at all the levels and sectors especially micro entrepreneur level which forms the major part of pyramid. Further, market saw startups working on models to introduce digitization and ease the way micro merchants would run business. These models have directly or indirectly addressed different facets like book keeping, digital verification, financial lending etc.

Aye Finance

Aye Finance is a new age finance company providing business loans to the small and micro enterprises across India. Aye Finance differentiates itself by creating a technically enabled process that builds credit insights through a variety of available business and behavioral data. This effective credit appraisal coupled with the use of modern workflow automation, and an engaged workforce is helping bridge the gap between the MSMEs and organized lending. Aye has transitioned from a start-up to a mid-size company within a short span of 5 years having a team size of 2500 employees and a branch network of 161 branches in 18 States.

Syntizen

Syntizen is a digital identity solutions providers in India. The platform operates on a B2B and B2G model and provides Aadhaar Core Engine (to government agencies), Electronic Customer Onboarding Solution (e-COS), Aadhaar-based Attendance System (ABAS), Offline KYC, and AI-based masking solution called ‘edo Suite’. It is trusted by leading BFSI players and Government bodies including Telangana Government, Muthoot Fincorp, Indiabulls, and Motilal Oswal alongside others. The end-to-end Syntizen solutions have enabled various organizations to introduce schemes such as ‘3-min Gold Loans.’

OK Credit

OkCredit is a cloud-based digital application provider for micro-merchants. They connect small retailers with customers and suppliers digitally. Its app, which can run on a basic smartphone, helps automate all transactions of retailers with their customers and wholesalers. The company plans to expand its merchant base and create teams across verticals such as product, technology and digital banking. Merchants can use OkCredit’s app to track buyers’ purchases and when payments are due. They can also use the app to send payment reminders

Progcap

Progcap (Desiderata Impact Ventures Pvt Ltd) is an inclusive financing technology firm working in the market for credit for last mile businesses through a mix of technology and alternative data driven credit scoring. Through its Last Mile Retailer Finance Facility, Progcap provides the under banked, semi-urban and rural retailers in India access to flexible, collateral-free working capital.

Tags: startup india, digital india