Revolutionising Supply Chain Finance
Empowering the financial landscape with their innovative solutions, two industry leaders share their insights on driving growth, fostering diversity, and embracing cutting-edge technology. The two pillars of Veefin Solutions, Gautam Udani, Co-founder and Director, and Binny Shah, Head of Product, provide a glimpse into their accomplishments and future plans, offering a compelling perspective on the evolving financial industry.
Gautam Udani
In the age of innovative financial products and digital solutions, Udani is at the forefront. He shared some milestones achieved by Veefin in terms of expansion, and providing innovative financial products and digital solutions to its clients. One significant achievement of the company as highlighted by Udani is the successful fundraising rounds, with the first round taking place in October 2020, followed by a second round in November 2021. Additionally, Veefin Solutions recently achieved a major milestone by getting listed on the Bombay Stock Exchange on 5 July 2023.
Financial Milestones Talking of financial growth, Udani shares the expansion in the company's client base. He says, “In 2020, Veefin Solutions had around eight clients, which grew to approximately 15 by the end of 2021. Today, we serve around 40 clients.”
Discussing future plans, Udani mentions that Veefin Solutions aims to focus on further expansion and growth. “Currently, the company has offices in India and Bangladesh, and right now we plan to concentrate on our operations in these two countries. However, from a client perspective, we already have 27 country directors representing Veefin Solutions in 27 different countries. In the next six to nine months, we intend to increase this presence to approximately 40-45 countries through our country directors,” he says.
Embracing Technology
To stay at the cutting edge of technology and ensure clients have access to the latest advancements, Veefin Solutions prioritises using state-of-the-art technology and best-in-class development tools. Udani shares, “Our product is built on a microservices-based architecture, making it compatible with popular databases like MySQL and MongoDB. It can be hosted on major cloud platforms such as Amazon AWS, Google, or Azure, while also having the capability to be hosted on-premises. This architecture enables us to be flexible and adaptable, providing clients with the latest technological capabilities.”
Gautam is proud of Veefin Solutions' position as one of the leading supply chain finance technology service providers worldwide. “In India, we are the largest in terms of the number of installations. Our consistent growth has exceeded expectations, reaching a point that was initially projected for 2024.”
Binny Shah
The inspiring journey of Binny Shah, which is endowed with remarkable accomplishments and dedication to empowering women exemplify the positive transformation taking place in male-dominated industries. As Head of Product at Veefin Solutions, Shah discusses the strategies and initiatives she has implemented that have contributed to both her personal success and the growth of the organisation. She shares, “One of the key focuses at Veefin Solutions is employee engagement.
Through workshops, training sessions, awards and recognition, and team-building activities, we ensure that employees are actively engaged and motivated. Regular communication channels, such as town hall meetings, are established to keep everyone aligned and provide a platform for open discussions. Additionally, Veefin Solutions has a committee dedicated to creating a safe and inclusive working environment for women, further promoting diversity and inclusion within the organisation.”
Market Expansion
As the head of product at Veefin Solutions, Shah has many achievements and milestones to her credit. She attributes her own growth to the company's overall success, which has experienced a remarkable 200 per cent year-on-year market expansion in terms of clientele. “Veefin Solutions has also made significant strides in financial inclusion by offering zero implementation cost solutions, breaking the misconception that only top-tier banks can provide supply chain financing. Our platform is accessible to banks, non-bank financial companies (NBFCs), and fintechs of all sizes, ensuring broader access to financial services. Furthermore, we offer return on investment from day one.”
Gender Diversity
When it comes to fostering a culture of diversity and inclusion within her team, Shah is committed to supporting and guiding aspiring women leaders. She advocates gender diversity in hiring and promotions, actively working towards empowering women employees. By strategically implementing programmes and initiatives that encourage diversity and inclusion, Shah aims to create a work environment where every individual feels valued and has equal opportunities to succeed. In sum, Veefin Solutions has achieved significant milestones and witnessed growth in the field of innovative financial products and digital solutions. With a commitment to staying at the forefront of technology, Veefin Solutions ensures that their clients have access to cutting-edge solutions that drive their businesses forward.
