Industrial Automation Magazine India

The long-term vision is to enable trust and accountability

Published on : Wednesday 09-02-2022

Winny Patro, Co-founder and CEO, Recordent.

Recordent addresses a very important need of the business community. How exactly does the platform work?
The large focus of businesses is towards better growth, and that is possible only when their payments and dues are received timely. Recordent is an innovative technology platform focused on providing credit management services and enabling businesses in their secured growth. Recordent's platform enables businesses to submit their customer dues regularly using the various easy models to upload invoices. cRediDue is our Dues Management solution that allows these businesses to receive timely customer payments. 
 
Another problem arising is the lack of information about credit profiles and their importance. We offer cRediEye, our data aggregation service that allows businesses to access the credit history of customers to understand their payment patterns and past behaviour on banking and non-banking transactions. This valuable information can save businesses from offering credit to customers who may have faltered in clearing payments on time. We motivate your customers to clear their dues on time and maintain a positive payment track record through a credit-bureau approach. 
 
Recordent's long-term vision is to enable trust and accountability for businesses that offer a service, credit, or a loan to their customers. We work with a single aim to empower businesses to reduce their credit and financial risks through our solutions.  
 
How many business segments are covered, and the total number of customers served? How enthusiastic is their response?
Our large focus is on the SMEs in the trade credit sector. To be specific, our core focus areas are the Manufacturing, Food & Beverage, and Hospitality industries. We currently have 6000 sellers, over 12,000 businesses in our ecosystem, and over 30 meaningful relationships with associations. 
 
We have had members on the platform that have greatly benefitted from our services. Primarily, we have successfully assisted long-term overdue payments for members in a short period. With our solutions, members have understood the importance of payment cycles, credit history, and how data can solve the most significant pain point faced by MSMEs in India.
 
What does the company ensure whether participating enterprises are submitting actual information and not hiding the facts?
Transparency is one of the essential pillars at Recordent. In order to ensure that participating enterprises submit actual information, we ensure that there is proper communication between a buyer and seller. For example, when a seller uploads invoices for a particular buyer, our framework is designed in a way that the buyers are automatically and instantly alerted on the submission of their dues. We handle each case with proof of dues and ensure proper documents are shared prior to our services. 
 
In case of any errors in submitting invoices, or data. There is an easy option for both parties to raise a dispute. Post which, our support team takes to resolve the issue. 
 
MSMEs are performing a very important role in the Indian economy yet end up getting a raw deal, especially in recovering dues and even government regulations are unheeded. How can Recordent help in such a scenario?
Recordent offers multiple solutions when it comes to business and improving their collections, correcting their long overdue and reducing credit risks by MSMEs at large face issues like invoice reconciliation when it comes to managing their accounts. The mismatching of the data or lack of enough proof of documents land SMEs in a crisis like long payment overdue, imbalance books of accounts, and subsequent loss owing to long term payment overdue from their customers. We offer businesses a platform to upload their overdue and current invoice to avoid invoice reconciliation and ensure proper cash flow to their businesses. 
 
We are inspired by the credit bureau models and provide valuable insights about a business or an entity's credit history for businesses to make smart financial decisions and walk away from bad debt situations, as they are now equipped with information beforehand. Credit reports are valuable for businesses, and with meaningful partnerships with leading credit bureaus, we provide these insights in an easy-to-read and understand manner. 
 
Recordent works with various industry associations as well as overseas entities. How are issues related to confidentiality of client companies addressed?
Currently, we are working with esteemed Indian associations like Bombay Industries Association, SME Chamber of India, and Taloja Industries Association to offer our services to the association members and their subsequent businesses. 
 
We've also partnered with Equifax US, to reduce trade-related risks for Indian exporters and importers who trade with US companies. Our solutions enable Indian exporters to check the credit history of their US business clients. These checks save on financing costs, increase competitiveness and expand commercial activity between US and Indian businesses. Indian importers can also make use of the information to ensure their purchases are from valid and creditworthy businesses. 
 
Data is of utmost importance, and it has the power to bring a transformation change forth. Recordent values and cares about customer data. To ensure so, we've leveraged best-in-class security measures and tools to keep customer data safe at all times. Recordent's constant endeavours are targeted towards building a trustworthy and solution-oriented platform. Recordent is also ISO 27001 certified, a worldwide standard certification that indicates a commitment to data security and assurance that data assets are safe. As for our valued members, this means a completely secure and data-protected platform of all their assets and key business information. 
 
What is the revenue model of the company?
We are a SaaS-based business model. Our major source of revenue comes from memberships. Recordent also provides value-added services like that of legal, e-arbitration at special prices to bring maximum benefits to our customers. 
 
Winny Patro has 12+ years of work experience in the public sector, entrepreneurship, business consulting and coaching. Currently, he is spearheading an entity in building a credit/payment reporting platform for non-banking transactions. In his previous assignment, Winny Patro served the Government of Andhra Pradesh in building globally connected entrepreneurial ecosystems. During his tenure, he transformed two under-performing government organisations into very high performing ones in less than one year. As part of restructuring, he built high performance teams and initiated collaborations with startup ecosystems in Finland, Israel, Estonia, Japan and Hongkong for enabling knowledge and commerce exchange and in devising an innovation policy for the state. He also played an instrumental role in very important collaborations with international organisations like UNICEF, UNESCO, World Economic Forum in the areas of emerging technologies such as AR/VR Drones & Airspace, IoT, etc.