MODIFI Expands to Strengthen 'Make in India'
MODIFI, a global FinTech platform, revealed a robust strategy for amplifying its footprint in the Indian market, aligning with the company's dedication to fortifying the country's SME trade sector. With ambitious projections, MODIFI anticipates a significant surge in its Indian operations, aiming for substantial business growth within the nation by 2024. This extension builds upon the remarkable progress, showcasing a 1,000-fold increase in business since the company's inception in India in 2019. Since its initiation in India, MODIFI has been instrumental in assisting Indian businesses and entrepreneurs, providing over $1.5 billion in cross-border financing. Nelson Holzner, CEO and Co-Founder of MODIFI, emphasized, "India holds immense importance for us, and our expansion mirrors the country's economic progression and aspirations".
"We have developed solutions aimed at addressing the financing and payment gaps experienced by Indian SMEs, empowering them to establish a significant presence in the global manufacturing arena. Our focus lies in resolving crucial issues such as accessibility to working capital, efficient payment solutions, and risk management", he remarked. This initiative is a response to the challenges that SMEs encounter while navigating through conventional cross-border payment and financing methods, which are often complex, expensive, and lack transparency. These traditional systems tend to favor larger corporations, leaving SMEs in need of more streamlined and personalized solutions.
MODIFI is tackling this disparity by introducing innovative digital solutions that enable SMEs to compete on a global scale with the same efficiency and scope as larger enterprises. "Our proficiency in cross-border fintech solutions has played a pivotal role in propelling remarkable growth for Indian businesses. For instance, we've witnessed a leading Indian manufacturing company achieve a tenfold increase in turnover, surpassing Rs 5,000 crore", stated Sachin Nigam, Head of Sales at MODIFI India. Given the hurdles faced by small and medium-sized manufacturers when dealing with larger buyers, MODIFI is committed to reshaping the landscape and fostering fair and sustainable business relationships.
"Collaborating with MODIFI has transformed our financial operations. We can now reinvest funds that were previously tied up in invoices into initiatives that drive growth. MODIFI's assistance in financing our manufacturers has been crucial, enabling us to engage in trade with confidence and minimize risks, setting the stage for further expansion", expressed the CEO of a prominent Bengaluru-based Exporter of Readymade Garments.
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