These Fintech Apps Are Making Digitization Easier For SMEs In India In the Union Budget 2020, finance minister Nirmala Sitharaman announced that the turnover threshold for auditing will be raised from INR 1 crore to INR 5 crore for MSMEs who carry less than 5 per cent of their business transactions in cash
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Micro, small and medium enterprises (MSMEs) in India contribute significantly to the Indian gross domestic product. However, their performance and contribution can increase manifold if they adopt technology, and in line, the Indian government is pushing SMEs towards digitization. In the Union Budget 2020, finance minister Nirmala Sitharaman announced that the turnover threshold for auditing will be raised from INR 1 crore to INR 5 crore for MSMEs who carry less than 5 per cent of their business transactions in cash.
Many tech companies and start-ups see a huge opportunity in SMEs' attempt to digitize and have launched mobile apps to facilitate the process. Check out our list of mobile apps that are helping SMEs to digitize.
Shopmatic is an all-in-one e-commerce solution that enables its users to digitize their businesses and setup an online marketplace for their offerings. The 2014 founded e-commerce start-up aims to make the process of selling things online as easy as possible for small businesses and entrepreneurs.
The app has 4.5 rating and more than 500,000 downloads on Google Playstore.
Khatabook helps the SMB sector to digitally record the credit of their transactions. Bengaluru-based KhataBook is available in 11 languages. Some of its top-performing markets are Pune, Hyderabad, Jaipur, Ahmedabad, New Delhi and Patna.
The app has a 4.7 rating and more than 10 million downloads on Google Playstore.
Mumbai-headquartered GlobalLinker provides a platform for global business networking for SMEs and start-ups. By using GlobalLinker, you take your company online and can collaborate with your colleagues, network with like-minded businesses, access and share content, participate in discussions and also, get special deals for your business needs.
The app has a 4.6 rating and more than a thousand downloads on Google Playstore.
Bengaluru-headquartered OkCredit enables recording of credit/payment transactions digitally all across the country. The start-up also provides on-demand visibility of the merchant’s record to customers.
The app has a 4.8 rating and more than 1 million downloads on Google Playstore.
LenDenClub is a peer-to-peer lending and borrowing platform which lists only pre-verified borrowers. The 2014 founded start-up aims to provide hassle-free loans to MSMEs, by leveraging artificial intelligence-driven tech and in-house assessment team.
The app has a 4.8 rating and more than 50,000 downloads on Google Playstore.