CredFlow — backed by the likes of Omidyar Network India, Stellaris Venture Partners and Flourish Ventures — helps small and medium enterprises (SMEs) manage their finances by providing an overview of cash flows, improving outstanding receivables, and embedding contextual financial services to reduce their working capital cycles by 25-30%.
Founded by IIT graduates Pratyush Sharma and Vikramaditya Patil, TechBiz helps SMEs track outstanding debtors and send timely payment reminders to customers.
“Adding TechBiz’s expertise and technology will help us expand our reach and better serve a broader base of SME customers. This is a step towards achieving our goal of becoming the default financial operating system for SMEs and expanding the user base,” said CredFlow founder Kunal Aggarwal.
Sharma and Patil will join CredFlow’s team to assist with the transition of the product.
Aggarwal said the acquisition would expand CredFlow’s target market by almost 15% into users of accounting software Busy. According to Aggarwal, in tests, users of Busy have shown a higher conversion rate compared to users of Tally, the go-to accounting application for India’s small businesses.
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CredFlow aims to launch its offering to target 6 lakh Busy users all over India and globally.“This strategic move enables CredFlow to cater to the growing demand for efficient financial solutions among SMEs,” said Sharma, cofounder & CEO of TechBiz.