We Will Be Able To Cater To The Needs Of 20,000 Businesses By March 2021: Winny Patro, Co Founder and CEO, Recordent.
Recordent is helping MSMEs reduce their time and effort on collections in an outsourcing model with the technology platform. Once MSME becomes a Recordent member and starts submitting all dues, they can spend more time and energy in growing their businesses. So, while Recordent takes care of their customer due collections, MSMEs can efficiently operate their business and grow.
Often, MSMEs tend to do business with known people/businesses due to trust issues on collecting payments. With Recordent, MSMEs do not need to worry about the trust factor as we help them to collect customer dues timely irrespective of their boundaries of familiarity. This will immensely help MSMEs expand their businesses beyond their familiarity. On top of this, MSMEs can also check the payment history of a new customer before offering them a service or credit.
2. Please name a few firms that have been benefited?
We have a membership model to cater to our customer base. Currently, we have over 400 clients from across the nation in our portfolio. Lasya Infotech, Gurarented, Shipyaari, Print Mail, SP Hightech printers are some of our customers in the MSME space.
3.With more than 10 years of work experience in the public sector, entrepreneurship and business consulting, what has your experience at Recordent been like?
My last stint was with the public sector. Therefore, it is definitely a challenging shift to adapt to the entrepreneurship environment. Having said that, entrepreneurship is not new to me, as for most of my career, I was an entrepreneur. With Recordent, it is a refreshing journey so far. Especially, when you spent a considerable amount of time in leadership roles in the public sector, you have an enhanced ability to assess the magnitude of the problem from multiple viewpoints. So, it is definitely an added advantage while building Recordent. Apart from getting adapted to a work-environment without assistants to take care of your office, the rest of it has not been very challenging to adapt. So, all it took was about three months to get settled in the new role to build Recordent. At Recordent, we have team members who have had global leadership roles in the past, and working with them has been an enriching experience, especially to evaluate the problem and solutions considering various international markets.
4.Can you discuss in detail about the company's membership model ?
Recordent has four different membership plans. Starting with the basic membership plan, which is free for the lifetime, Recordent has paid membership plans to meet the requirements of various businesses. If a business wants to upload more than 10 customers or wants to avail discounts on our collection services and value add services, they can opt for Premium or Executive plans. The premium plan is priced at INR.599 per year with an upper limit of 200 customers and the Executive plan is priced at INR.2499 per year with an upper limit of 1000 customers. Recordent also offers a customized plan under the name 'corporate membership plan' to meet the needs of businesses with specific and large requirements.
5.What impact has the company seen during the pandemic?
Since the lockdown in April, we have observed a positive trend with more than 150% growth in registrations and 400% growth in the value of customer dues submitted.
6.What can be said about the company's plans regarding the future?
We are positive about the future of the company. So far, we have set a target of adding business, and hopefully, be able to cater to the needs of 20,000 businesses by March 2021.
We also understand that for growth, we will need to make strategic partnerships. Therefore, we aim to aggregate certified collection agencies and debt settlement firms so that they can offer value add services to our members to deal with extreme cases of due recoveries.
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