Pune, 11th October, 2024: As India has set its goal to become the third-largest economy by the year 2030, it becomes paramount that the growth drivers need to come not just from the burgeoning Startup ecosystem but also from the active participation and contribution from Indian SMEs as well as informal traditional businesses. These businesses need to metamorphose into new-age organizations through digitization and formalization. Pune based Easebuzz payments platform has recognized this opportunity and need to empower businesses in the informal sector towards formalization, and has created affordable digital solutions that are helping more than 1,50,000 businesses.
MSMEs and businesses in informal sector have historically been struggling to expand their businesses both in terms of size and geographical presence due to lack of accessibility to technology and developers as well as high costs of software for managing payment collection workflows. Easebuzz is bridging this gap with its software solutions and digital payment infrastructure that works in a plug-and-play model thereby making it cost-effective for Indian businesses.
Easebuzz helps companies manage end-to-end financial operations around digital payment collections, payment disbursals, connected banking, split payments, automated reconciliation, vendor payments, sub-merchant management, refund management etc. through easily integrable SaaS solutions. With a verticalized solutions approach, Easebuzz has formalized businesses of every size and scale across Education, Government & Municipalities, Retail, Travel and many more. The company is building sectoral solution stacks that are tailored to the unique needs of each industry in efficiently managing payment collections and payouts.
Many Government departments, municipalities, and urban local bodies are using Easebuzz digital solutions for tax collections, order-based QR codes for cash counter bill collections, E-Challan collections, reminder-based payment links, Tally based invoice creation via APIs, automated reconciliation reports, etc. Similarly, Easebuzz is also offering payment solutions for Electricity Discoms, State GRAS, Excise collections, Stamp duty registration collections and government tourism bookings.
Education is another sector where digital adoption is still at a slow pace in terms of student fee collections and management. Easebuzz is championing the cause through fee payment digitization in more than 10,000 Schools, Colleges, and Universities across various parts of the country. Government institutes like Savitribai Phule Pune University, State Institute for Administrative Careers (SIAC), National Law Institute University, National Institute of Electronics & Information Technology, Maharashtra Public Service Commission, National Institute of Bank Management, etc., are able to digitize end-to-end student fee collection management with the help of Easebuzz platform.
MSMEs across varied sectors like manufacturing, retail, travel etc. are also leveraging Easebuzz solutions like Payment Links, UPI QR, Payment Gateway etc. to digitize their customer payment collections with real-time tracking, reconciliation, and book-keeping. By enabling digitization of payments for small and mid-scale enterprises, Easebuzz is driving the larger goal of formalization in the Indian economy.
Recently at Global Fintech Fest held in Mumbai, Easebuzz has launched B2B payments platform in partnership with Bharat Bill Payment Operating Unit (BBPOU) of NBBL to streamline business-to-business invoicing and payments, thereby enabling interoperability across the ecosystem. This B2B platform is designed to cater to the needs of businesses across industries such as consumer goods, textiles, pharmaceuticals, automobiles, aviation, and construction.
Founded in the year 2014, Easebuzz started its operations as a Payment Gateway platform and has now evolved into a full-stack Software Solutions company, helping businesses in end-to-end money management, digitally. The company has seen phenomenal momentum in FY24 with revenues surging to INR 290 Crore and daily volume run rate of payments processed by the platform touched close to 1 Mn transactions. Some of the marquee clients of Easebuzz include State GRAS, BSES Rajdhani Power, Noida Power Corporation, Symbiosis University, IRCTC, MTDC, Uttarakhand Tourism Development Board etc. With increased traction for digital solutions from business across sectors, Easebuzz is targeting to cross USD 50 Bn GTV and USD 100 Mn revenue in FY25.
Moneycontrol Journalists were not involved in the creation of the article.
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