Disrupting Finance For Good

In the fast-evolving landscape of finance and technology, a passionate technologist Gautam Udani found his match in Raja Debnath in 2017. Together, they co-founded Veefin with a bold mission, to innovate within the business-to-business (B2B) ecosystem through supply chain finance—a sector they identified as a significant whitespace opportunity.

Debnath’s extensive experience at IFC, EY, Citibank and Kotak enriched their vision. Despite the global focus on SaaS, India has seen few standout successes, motivating them to create a differentiated SaaS fintech company targeting the underserved supply chain finance niche. 

With rapidly growing economies like India, Vietnam and Indonesia, as well as transitioning markets like Saudi Arabia, the demand for innovative supply chain solutions is set to rise. They continue to believe these trends are here to stay, positioning Veefin as a leader in reshaping the financial landscape.    

Latest Developments
Digital supply chain finance and lending platform Veefin Group of Companies (Veefin) acquired digital lending company EpikIndifi in a cash and equity swap deal valued at around Rs 125 crore. EpikIndifi is the third acquisition for the company since June this year in its efforts to expand.

Veefin had acquired GST compliance and accounts automation solution company Regime Tax Solutions in June this year and the Indian arm of global technology firm Nityo Infotech in August. The acquisitions of the three companies are at a total valuation of around Rs 400 crore, according to media reports.

Supply Chain Financing In India
Udani emphasises, “We are going to see some very formidable business models emerge from India, especially in the B2B space. For instance, the gap in supply chain finance in India alone is pegged at Rs 20–25 trillion.” This is a humongous opportunity for a working capital finance platform like Veefin Group to build a highly scalable technology platform for banks and financial institutions.  

The conversation in India’s mature startup ecosystem has moved to unit economics, profitability, and sustainability. Udani states, “Technology businesses have started to hit the public market, which is a really good sign. About 14 months ago, Veefin got listed on BSE SME because our business operations allowed us to scale without burning. One builds to last and not to achieve a specific valuation.”

The Road Ahead
Veefin Group aspires to become the leading global platform for working capital finance technology. Its goal is to expand beyond supply chain finance and provide a comprehensive suite of working capital solutions for both Indian and international customers.

Furthermore, he states, “Our long-term vision as entrepreneurs is to build a world-class SaaS fintech company that India has yet to produce. Over the next decade, our goal is to create the next Infosys.”

Resham Suhail

BW Reporters The author is Editorial Lead at BW Disrupt, BW Businessworld