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Fintech firm IRIS partners with Vayana to ease MSME compliances, offer credit facilitation

Posted On : 2023-02-08 11:39:39( TIMEZONE : IST )

Fintech firm IRIS partners with Vayana to ease MSME compliances, offer credit facilitation

Mumbai-headquartered IRIS Business Services, which is listed on the stock exchanges - BSE & NSE - has partnered with Vayana, one of India's largest Supply Chain Finance platforms to help MSMEs ease their GST compliance burden and meet other financial needs through a mobile APP.

The one-stop solution - IRIS Peridot Plus- will help small businesses manage their finances better, and will also help in meeting cash, commerce, compliance and credit requirements of all businesses, particularly small and medium enterprises.

IRIS Business is a SaaS company that provides technology solutions and services in the regulatory technology space across 50 countries globally. It also offers software to enterprises that enable them to meet GST and other taxes compliance as well as invoicing-related work.

Vayana, one of India's largest Supply Chain Finance platforms, has till date enabled finance of more than $14 billion to over 2 lakh MSMEs for 1000+ supply chains catering to 25 different sectors.

The partnership aims to combine the strengths of both companies - IRIS's compliance expertise and Vayana's ability to offer affordable credit and cash management solutions, thus making IRIS Peridot Plus a reliable solution for businesses.

Commenting upon the partnership with Vayana, Mr. K. Balachandran, Co-Founder, and Director, IRIS said, "At IRIS, we are committed to supporting businesses and regulators globally in their efforts to streamline regulatory compliance reporting. Our expertise and market leadership in India, particularly in e-invoicing and GST filing, positions us well to address the needs of taxpayers. In partnership with Vayana, we are pleased to offer a comprehensive solution that integrates cash, compliance, and credit for MSME customers. We believe our revolutionary mobile APP will play a crucial role in building a connected and digitized supply chain, contributing to the growth and development of India's economy."

"We are confident that our partnership with Vayana will immensely help the industry, particularly MSMEs," Balachandran added. , Co-Founder, and Director, IRIS.

Ram Iyer, Founder & CEO, Vayana said, "Vayana is the largest supply chain finance (SCF) platform in India. Our SCF solutions cater to the 4Cs essential for any business - credit, cash flow, compliance and commerce. With the government's efforts to formalize the economy by bringing in the smallest of businesses into the e-invoice ambit; we see the impact we can make for tens of millions of SMEs by helping them grow through timely access to working capital. IRIS and our fintech solution Hylobiz together will help the MSME sector to streamline and automate their GST& e-invoicing compliances in a connected way, such that it adds to the ease of doing business andmakes them credit ready."

Shares of IRIS Business Services Ltd was last trading in BSE at Rs. 79.25 as compared to the previous close of Rs. 82.00. The total number of shares traded during the day was 1988 in over 115 trades.

The stock hit an intraday high of Rs. 82.85 and intraday low of 78.05. The net turnover during the day was Rs. 159439.00.

Source : Equity Bulls


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