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Credit management reinforces a company's liquidity and improves cash flow if done properly. Credit management helps in managing customer risks and accounts receivables. There are several businesses running on credit terms. Such businesses need timely payments and a transparent cash-flow management. Recordent helps them in managing payments. Recordent is a tech-driven platform that provides credit management services to SMEs, rental companies, and large corporates. Their services helps in providing better and transparent cash-flow management and builds trust among customers which consequently helps in securing business growth.
Read the Success story of Recordent and know more about the startup, founders, the idea of starting up, business model, and its journey towards growth.
Recordent - Company Highlights
- Startup Name-Recordent
- Industry-Re-inventing Credit Management
- Founders-Harish Mamtani and Winny Patro
Recordent - About
Recordent, is an innovative technology platform focused on providing credit management services, enabling businesses in their secured growth. Their solutions are designed for better cash-flow management and business expansion while creating trust and transparency in seller-buyer relationships through data.
Recordent’s long term vision is to enable trust and accountability for businesses that offer a service, credit or a loan to their customers. The Recordent team work with a single aim to empower businesses to reduce their credit and financial risks through its solutions.
Recordent - Industry
Recordent largely operate for the SMEs industry. The current market size stands at $27 bn. Recordent takes valuable information from reports of Atradius, TransUnion & BCG along with the Govt. MSME ministry website.
In terms of the market growth, Recordent anticipate a 20% YoY growth for the coming 5 years.
Recordent - Founders and Team
Harish Mamtani is the founder of Recordent, and Winny Patro is the co-founder.
Harish comes on board with exceptional experience in the education sector. He is the Founder & board member of Seed Schools that was founded in March 2013 to invest in and provide curriculum, training, and management services to high quality low-cost private schools (LCPS) in India. He is also the board member for SoftWear Automation, a company disrupting the $100 billion sewn products industry by creating autonomous sewn good worklines for Home Goods, Footwear & Apparel. Harish Mamtani is more focused towards fundraising, partnerships and growth for Recordent.
Winny Patro manages Day to day operations and running the company. He comes with over 12+Years of work experience in public sector, entrepreneurship, business consulting and coaching. Currently, he is spearheading and managing the day to day operations and running of Recordent.
Harish & Winny met in 2017 for a social media impact project. Since, Winny was working with government bodies, and that was the first time they spoke. In around 2019, they were quite concerned and shared similar thoughts on the current MSME industry’s payment cycles and credit risks involved. They came together in a quick thought and wanted to start a company that could solve the standing issues for the MSME sector. And that is how the journey for Recordent began.
They are now a team of 35+ driven individuals and subject matter experts that have been working on Recordent’s goals to achieve a scenario where businesses are at a position to make sound decisions in terms of finance, and overall credit reduction.
Recordent - Idea & Startup Story
Delayed customer payments was a pain point that both Harish and Winny Patro experienced in the companies that they were running earlier. Their inspiration came from this shared peril where they began thinking on the lines to find a startup that could provide solutions for delayed payments and enable businesses to reduce their credit risks.
The research that went into was first to deep dive into how the trade credit sector operates, and how manufacturing to the last mile delivery value chain works, the trade credit practices and how the credit practices are. How the delayed payments are furthermore affecting the value chain. The founders spoke with key people in the trade credit sector, in trade associations and with bankers to understand the viability of their idea, and that gave us a kickstart to all activities that are currently happening at Recordent.
Recordent - Name, Tagline, and Logo
The name of the startup was derived by bringing in the most important factor for SMEs that is to track, collate or simply, record their due payments. Furthermore, Recordent came from the idea of ‘recording’ all key business collections and invoices on a unified platform.
Record + Payment = Recordent
They have recently revamped their branding and logo. Recordent’s new logo depicts growth, and that is why it is a slightly upward arrow. The yellow color in the logo represents optimis, while the lighter blue in the middle stands for ambitions, and finally the darker blue shade represents trust, a solid foundation for Recordent.
Their tagline is ‘Lower your risk. Power Growth’. It simply talks about businesses to lower their risks, and therefore empower growth.
Recordent - Business Model & Revenue Model
Recordent’s platform enables businesses to submit their customer dues/invoices on a regular basis to collect payments faster and on-time. Inspired from the Credit Bureau model, Recordent informs customers on how their positive payment track record can be viewed by other businesses & lenders to offer better terms on credit or a loan; thus, motives and creates urgency to pay dues sooner than later.
Recordent - Product & Services
Recordent is a technology platform that enables businesses to improve collections by credit profiling their customers; and reducing risk by providing insights into the payment history of prospective customers. We’ve partnered with Equifax, Leading credit bureau for businesses particularly MSMEs to make better credit decisions before offering credit against goods and services by providing a consent based comprehensive credit report of potential customers. The startup provides credit reports of businesses, entities and individuals with insights into their payment history for a better financial or business decision.
Recordent - Marketing
The first 100 customers came on board completely through direct selling and through associations. Recordent adopted the digital route post reaching a considerable number of members. They now operate in a hybrid marketing model which is a combination of direct selling and digital methods. Their most successful marketing campaign so far has been to have done sms, and marketing affiliations with trade credit associations.
Recordent - Challenges Faced
The initial market that Recordent went after were schools and educational institutions. As the pandemic hit and the schools and institutions shut, the markets were slightly tough to operate on given the current situations. The company soon went ahead with a B2B marketing model, and that is how they put together Recordent, and its solutions.
Recordent - Revenue
Currently, Recordent generates a revenue of 4lacs per month, and they have a user base 12,000+ businesses. Some of its notable clients include Udaan, Faith Lumber Pvt Ltd, Pennar industries and Sterling. Their plan for the next 1-2 years is to cater to at least 40,000 businesses and empower their financial well being and fuel their growth.
Recordent - Recognition and Achievements
Recordent's constant endeavors are targeted towards building a trustworthy and solution-oriented platform. Recordent is now ISO 27001 certified, a worldwide standard certification that indicates a commitment to data security and assurance that data assets are safe.
Recordent - Partnerships
We’ve also partnered with Equifax India to help businesses particularly, MSMEs to make better credit decisions before offering credit against goods and services by providing a consent based comprehensive credit report of potential customers.
Its partnership with Equifax US aims to reduce trade-related risks for Indian exporters and importers who trade with U.S. companies. The solution enables Indian exporters to check the credit history of their U.S. business clients. These checks save on financing costs, increase competitiveness and expand commercial activity between U.S. and Indian businesses. Indian importers can also make use of the information to ensure their purchases are from valid and creditworthy businesses.
Recordent - Future Plans
The coming future, the focus will be to keep up the tech oriented solutions and spend time in customer acquisition. Recordent's major focus areas will be collaborations with complementary fintech and banks for providing financing options to businesses, invoice reconciliation, and adding more services and features to the tech platform for further ease of use.
Recordent - FAQs
When was Recordent founded?
Recordent was founded in 2020.
Who are the founders of Recordent?
Harish Mamtani and Winny Patro are the founders of Recordent.
Who are the competitors of Recordent?
Some of the competitors of Recordent are:
- YayPay by Quadient
Has Recordent received any funding?
Yes, Recordent has raised a total funding of $400K.