IBSFINtech, a solutions provider for Corporate Treasury and Trade Finance, has raised an undisclosed amount of seed funding from Shailesh Haribhakti, chairman of Haribhakti & Co, a risk advisory, auditing and tax consultancy firms.
The startup, founded by Vijaya Bank veterans Chandra Mohan Grover and TM Manjunath, is also in initial stages of discussions to raise $2-4 million more. It plans to use the funds to scale up operations globally and for product research and development.
IBSFINtech offers customisation and localisation of the product, which are designed to function effectively across geographies, currencies, and markets across the globe.
The large companies selling Corporate Treasury take more than a year to complete the implementation. However, IBSFINtech offers the lowest implementation period, where average time is about 2-4 months.
The company claims to manage multi-billion treasury market transactions in India for its clients including The Times Group, Future Group, Snapdeal, and Maruti Suzuki, Mahindra & Mahindra, Sonalika International, Future Group, among others.
According to McKinsey report, there is a huge void in the current treasury software market and The market potential of corporate treasury, B2B Payments and cash flows is pegged at $135 trillion globally.
In India, as per data collated by Indiabudget.nic.in, there are more than 6,400 companies with turnover greater than Rs 500 crore, which are dependent on Excel sheets for treasury management; and these amount to 75 per cent of the pie.