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Retail and Fintech Quotes on GST from- Rubique, ftcash and Beacon


"GST regime is set to bring the big transformation in the industry. Fintech player like us have witnessed a big boon n this initiative as many financial institutions have been moving towards the digitization of their payment process. This has resulted in faster realization of the returns as at Rubique, we work on success based commission with financial institutions. Some of the FIs have also started revising the commission rates to accommodate these taxes," said Mr. Manavjeet Singh- Founder and CEO, Rubique

"GST will be a game changer whereby it will push businesses into the formal sector. In the current scenario, businesses operating in the informal sector thrive on information disparity and cash for tax avoidance. With GSTIN, the information disparity will be greatly reduced thereby improving and increasing the tax network. The government steps of curbs on cash with limits of 2 Lakhs and above requiring reporting will also assist in pushing businesses towards digital payments. With ease in compliance, set off available for credits entrepreneurs will be driven to adopt digital payments from their end customers," said Mr. Deepak Kothari- CO-Founder, ftcash

Retail and fmcg

Beyond the impending apocalypse that is being foretold, the digitization of transactions for the massive $600 bn retail industry will give unprecedented access to high quality data that could be used by manufacturers and traders to serve the end consumer better. And regardless of its shape and form today, GST will be a key enabler in accelerating retail growth over the next 5 years. We hope that both GST and the Industry are able to evolve rapidly, said Mr. Mayank Premi- CO-Founder and Director , Beacon.

Company Profile
Beacon is a tech-enabled demand sensing & aggregation platform that connects brands with retailers, especially small retail outlets and mom-and-pop stores. By leveraging its machine learning algorithms, it makes the process of buying and selling between brands and retailers better, faster and more intelligent. The platform already has prominent organisations as customers leveraging its state-of-the-art services to enhance their reach and availability. 12 out of the top 20 FMCG companies in India are currently using this platform.

While Beacon started as an operations research firm assisting large businesses improve supply chain efficiencies, the founders soon saw a much-larger gap in the Indian retail market. It was to address this gap that Beacon extended its business approach to include demand sensing. The founders at Beacon recognized that most retailers in India did not have a direct link with larger FMCG and retail brands. These shops were often unable to adequately source their inventory requirements in a timely fashion and were unable to negotiate better margins due to the involvement of middlemen. Brands, on the other hand, faced issues in identifying the precise market demand, on shelf availability, retailer data, etc for their products. Their direct reach was limited to 10% of the country’s overall retail industry. Consumers, unable to find the product of their choice at their neighbourhood stores, invariably ended up being inconvenienced and giving up on the brand/product experience.
Beacon emphasises on its inclusive philosophy, which benefits all stakeholders in the process. It accurately identifies retailer requirements for specific brands/products and communicates their demand directly to manufacturers. Retailers, on the other hand, can ensure on-shelf availability of the products demanded by their target customers, while distributors benefit from optimised inventories with swifter movement of goods. A dedicated team of agents, comprised mostly of women professionals, is provided to assist retailers on the phone. This team, in addition to recording retailer requirements, also helps them by translating the analysed data from their own outlet into implementable, actionable decisions.

This unique approach and value-driven proposition for all stakeholders has helped Beacon gain significant traction in the FMCG & retail sector. Its tech-led business solutions have also been generating demand in other major market segments like CPG, pharmaceuticals, and agro-chemicals, which has in turn led to impressive growth for the Gurgaon-based company. Beacon has its distribution linkages in over 350 districts of India and is currently aggregating retailer demand in 16 top cities (including metros) Beacon is poised to rapidly scale up its business footprint in the near future, and expects to reach around 20 lakh retailers across the country in the next five years.

Mayank Premi
Co-founder & Director, Beacon 
Always on the lookout for new challenges, constantly redefining status quo and perennially seeking better ways to achieve any goal – those are but some of the ways in which Mayank Premi, Co-founder and Director of Beacon, can be described. A generalist by self-admission, Mayank oversees almost every aspect of the demand sensing and aggregation platform that Beacon is building. From streamlining processes, developing internal governance and capabilities, pushing revenue growth, building lasting partnerships with clients to nurturing talent – his multi-dimensional professional exposure makes Mayank adept at cross-functional and holistic business leadership.
A textile engineer, Mayank pursued his MBA in marketing and operations from IIT-Delhi. Despite several campus offers, Mayank opted to join Maersk Line’s coveted leadership training programme. At Maersk (the world’s largest shipping company), Mayank gained an in-depth understanding of the logistics and operation aspect of the business, and also mastered the art of international sales and contract negotiations. Adding to Mayank’s diverse expertise is the fact that he has also worked with multinationals such as AkzoNoble, as well as in Private Equity where he was involved in turning around distressed companies.  In addition, Mayank has worked with the Arunachal Government to transform its public distribution system (PDS), bringing much needed relief to lakhs of families living in some of the remotest parts of India

The innate desire to enter unchartered territories and solve problems of immense scale is what led him to don the entrepreneurial hat and incept Beacon. The company was established to target the country’s largest industry, retail, as an operations research firm assisting large businesses improve sales & supply chain efficiencies. But for Mayank, general leadership and business development went beyond just client-relationship building. It was always about seeking out new problems, laying the groundwork for novel and revolutionary products and creating simple solutions that serve a massive need. The passion to create something indispensable is what led to the pivot of Beacon as a platform that connects smaller retailers across India with large brands.

Holding in-depth expertise across domains like FMCG, Pharmaceutical, Manufacturing, Retail, Mayank’s chief focus as a new-age business leader is to automate, innovate, and collaborate. A level-headed, analytical individual, he also likes to share his insights with emerging entrepreneurs and mentor highly efficient teams. This “fauji kid” can be found either at the gym or at the tennis courts every morning. He is passionate about music, loves discovering new artists and has even taught himself to play the guitar.

ftcash Company Profile

One of India’s fastest growing financial technology ventures, ftcash has been established with a singular aim – to empower micro-merchants and small businesses with the tools required for convenient digital payments and loans. Founded in June 2015 in Mumbai by Vaibhav Lodha, Sanjeev Chandak, and Deepak Kothari, ftcash has been working towards extending the benefits of financial inclusion to the underserved MSME sector in India through technology. The team at ftcash comprises senior executives with a pedigree from prestigious institutes such as Wharton, Harvard, IITs, and SRCC etc, holding work experience with leading global institutions like Deutsche Bank, KPMG, Capital One, and World Bank.

The idea for a solution like ftcash was incepted when its founders noticed, at close quarters, the financial issues faced by micro-merchants and small businesses in India. Due to a distinct lack of avenues that could help them secure working capital and small-ticket loans for day-to-day operations, these small and micro businesses often had to approach unregulated local moneylenders who charged premium interest rates. It was to address this significant gap in the Indian economy that ftcash was established.

What serves as the USP for ftcash is its differentiated approach to digital payments. By aggregating all payment methods, including credit/debit cards, net banking, various mobile wallets, UPI, and PayPal, ftcash creates an open architecture-based platform for merchants to initiate digital payments in less than 5 minutes. Users are not required to own a smartphone or download any apps and can conveniently receive payments through a basic feature phone, which can then be transferred directly to their bank account. Unlike e-wallets, there are no limits on transactions undertaken through ftcash. The company primarily serves micro-merchants, MSMEs, home-based entrepreneurs, mom-and-pop stores, and large corporate businesses with a merchant base. ftcash facilitates both payments and loans for merchants and allows them to repay loans directly through the platform. It also creates unique and proprietary transactional data, which can be leveraged to provide institutional finance to these merchants.

Backed by PayPal and recognised by Forbes, ftcash was adjudged the winner at the UK Trade and Investment – Great Tech Initiative, receiving the award from Prince William, the Duke of Cambridge, and Catherine, the Duchess of Cambridge. The company has also won several other accolades that include IBM Fintech Smart Camp, Red Herring Asia 50, IIM Ahmedabad CIIE-IIFL Fellowship, KPMG Hot 100 Startups, NASSCOM Emerge 50, and Village Capital Program amongst other accolades. It was selected for the world’s first impact investment themed show, The Real Deal, on NDTV, and was also featured on Young Turks on CNBC.

ftcash is funded by IvyCap Ventures, Singapore Angels, Tracxn Labs and several other marquee angel investors. Currently present in Mumbai, Pune, Surat, and Jaipur with a team of 100+ employees, ftcash plans to expand to 5 additional cities over the next 6 months. Its vision is simple – to leverage technology to enable differentiated MSME-centric offerings and become the No.1 financial services company for micro-merchants in India.

Deepak Kothari Co-founder, ftcash

Holding over a decade’s worth of experience as a management consultant, Deepak Kothari is the Co-founder of ftcash, a financial technology start-up serving the underserved micro-merchants and small business owners in India. In his role at the organisation, he spearheads operations and digital lending for the merchant network.

Deepak holds a B.Com (Honours) in Finance from Shri Ram College of Commerce and is a certified Chartered Accountant. He has worked on consulting assignments in energy, manufacturing, media and entertainment, and retail sectors with a primary focus on business planning, financial modelling, and commercial due diligence. He has also worked with Fortune 500 companies on several strategy-related projects over the course of his career. Deepak was associated with Grant Thornton India LLP as an Associate Vice President, and was a Manager with KPMG prior to establishing ftcash.
With a vision of establishing ftcash as the largest fintech company in India within the next five years, Deepak aims to draw relevant insights from market data in order to create and deliver fintech products most suited to the requirements of the country’s growing SME sector. In addition to providing merchants with payment processing and loan services, Deepak also wants to enable a host of other financial services such as mutual funds, insurance, home loans, consumer loans etc.
Deepak spends his spare time reading and listening to music. An avid reader he’s fond of biographies, Indian fiction and poetry. He has a keen interest in public affairs and hence closely follows developments in the political spectrum both in India and globally.