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Become A Startup Insider With Inc42 Plus
Join our exclusive community of business leaders &makers for in-depth tech stories and intelligence on India’s tech economy you won’t find elsewhere.
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Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.
Today’s business environment demands strategic agility from companies, the power to think outside the box, thrive amid disruptions and stay ahead of the curve through constant innovation. This has ignited a technology revolution, with artificial intelligence (AI) and automation rapidly taking over various aspects of business operations.
However, the advantages of speed, flexibility and a fresh perception are mostly embraced by two categories – deep-pocketed design thinkers with a penchant for winning at any cost and the new kids on the block, young startups requiring business transformation for cost-cutting, scalability and success.
For those in the middle – micro, small and medium businesses (MSMEs) – digitalisation, or any other tech advancement, brings a sense of uneasy familiarity. They continue to struggle with time-consuming manual processes due to their entrenched reliance on ‘that’s how it works’.
But the times are changing, and many SaaS (software-as-a-service) platforms have entered the fray to help improve the business performance of small and medium enterprises.
“Our vision is to become the de-facto cloud-based system for the maximum number of MSMEs,” Unesync’s cofounder and CEO Rohan Chopra told Inc42 in a recent interview.
Unesync aims to do so “by becoming the go-to financial tool that completes the automation trifecta, including banking, accounting and compliance”, according to Chopra.
Set up in 2023 by Chopra and Ujjwal Agarwal, the Gurugram-based fintech SaaS platform offers a robust suite of accounting solutions, such as GST-compliant e-invoice and e-bill generation and developing insightful financial reports.
The startup further aims to digitalise India’s MSMEs, targeting an ecosystem featuring 63 Mn ventures or thereabouts.
“Today, nearly 50% of all GST-registered businesses are disconnected from the technology landscape,” said Chopra, underscoring the huge opportunity. “This is the market most fintech (SaaS) players are addressing now.”
Consequently, the fintech SaaS space shows promising growth potential in India. A report by Inc42 also estimates that the market is set to surge from $4.6 Bn in 2022 to $31 Bn in 2030, growing at a CAGR of 27%.
Chopra also thinks fintech SaaS should explore niche, specialised use cases to cater to the diverse requirements of small and medium businesses. As Unesync’s custom connectors function as gateways, allowing developers to build on top of the platform, the startup can develop solutions for different industry segments.
Talking about use cases, Chopra said, “People have used them [custom connectors] to streamline BIS (Bureau of Indian Standards) registration or even automate e-waste recycling directly from their inventory, a crucial practice that is now mandatory.”
Can fintech SaaS solve the growth challenges of India’s SMEs/MSMEs?
Watch Rohan Chopra of Unesync decode the potential of fintech SaaS, how one can tailor it for diverse requirements, its adoption challenges and more.
