We spoke with Winny Patro, CEO & Co-founder of Recordent, a pioneering SaaS-based platform aiming to tackle the significant issue of unpaid dues that MSMEs encounter, which is estimated to be around INR5L cr across the sector.
Recordent provides a technology platform designed to help SMEs manage their credit and collections more effectively. The company offers a suite of services that includes:
Payment Reminder Automation: Automating reminders for payments to ensure timely collections.
Invoice Management: Streamlining the invoicing process to reduce delays in payments.
Credit Registry Reporting: Similar to a CIBIL report, it allows businesses to report defaults and track credit history.
Collections Analytics: Providing insights to make informed decisions regarding collections and credit risk management.
Recordent has made significant strides in helping SMEs improve their cash flow and reduce collection cycles. For instance, manufacturers using the platform have reportedly reduced their collection cycles by 40 days and converted a substantial portion of previously non-paying customers into paying ones.
The company has effectively facilitated the resolution of outstanding dues for SME/MSME entities, enabling the clearance of INR4699 cr out of a total of INR5657 cr. With over 8.75L+ customer dues submitted on the platform, Recordent caters to the likes of Furlenco, Guarented, Bigsams, Udaan, RateGain and many others.
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The objective is to bring out an "actionable" perspective converging the world of business and investing.
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Solving Payment Delays for MSMEs with Winny Patro of Recordent