MODIFI, a global FinTech platform, on Thursday announced an ambitious expansion strategy to enhance its presence in the Indian market, which is aligned with the company's commitment to bolstering the country's SME trade sector.
MODIFI is projecting a substantial increase in its Indian operations, targeting aggressive growth in its business within the country by 2024. This expansion builds on an already impressive 1,000x business growth since the company's launch in India in 2019.
MODIFI has been a catalyst in supporting Indian businesses and entrepreneurs with over $1.5 billion in cross-border financing since it began its operations in India.
"India is a crucial market for us, and our expansion is in tandem with the country's economic growth and aspirations," said Nelson Holzner, CEO and Co-founder of MODIFI.
"Our solutions are designed to bridge the financing and payment gaps for Indian SMEs, helping them to emerge as key players on the global manufacturing stage by addressing critical issues like working capital access, effective payment solutions, and risk management," he added.
The initiative comes in response to the challenges faced by SMEs in navigating traditional cross-border payment and financing methods, which are often cumbersome, costly, and opaque.
These conventional systems tend to favour larger corporations, leaving SMEs in need of more efficient and tailored solutions.
MODIFI is addressing this gap with innovative digital solutions that enable SMEs to compete globally with the efficiency and scale of larger enterprises.
"Our expertise in cross-border fintech solutions has been instrumental in driving exponential growth for Indian businesses. For instance, we've seen a leading Indian manufacturing company achieve a tenfold increase in turnover, surpassing Rs 5,000 crore," said Sachin Nigam, Head of Sales, MODIFI India.
In light of the challenges faced by small and medium-sized manufacturers in dealing with larger buyers, MODIFI is committed to changing the dynamics and promoting equitable and sustainable business relationships.
"Partnering with MODIFI has revolutionised our financial operations. We can now reinvest funds previously tied up in invoices into growth-enhancing initiatives. MODIFI's support in financing our manufacturers has been pivotal, allowing us to trade with confidence and minimise risk, setting the stage for further expansion," said the CEO of a leading Bengaluru-based Readymade Garments Exporter.
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