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Infinia Corporate Solutions Limited: Increased Productivity with e-Procurement System
Firdaus Mogul, Co-founder & CEO“One needs to seek out suppliers and follow up with walloping amount of paperwork in the manual procurement process,” said Mr. Mogul. “Even digital documents sent over emails follow different formats making it impossible to compare two quotes.”
Price negotiation, using manual processes, is yet another concern area. Lack of standard channels for negotiation adds to the delay and makes it difficult to arrive at the best quote. Renepay offers an e-auctioning platform, where buyers can set a base price and suppliers can bid around the same. Both buyers and sellers get live updates as the bidding progresses. The system automatically locks the best rates, generates purchase orders that, on delivery, can be flipped into an online invoice by the seller and sent to the buyer, with a mere click of a button.
Renepay is easy to use for both buyers and sellers. Mogul elucidates, “Our customers enjoy hassle free e-procurement process.
We have enjoyed working with Infinia to launch Renepay in the Singapore market. Building a B2B procurement platform requires specific domain knowledge and Firdaus, given his experience in banking and payments, has delivered strong UX / UI. We look forward to continuing our engagement with Renepay and partner with Infinia to expand into more markets
Renepay functions like a B2B Amazon, customizing the entire procurement process for the business while delivering intuitive user experience like that of any Apple product.” Using Renepay, corporates can request for quotes, negotiate prices, issue purchase orders and make online payments. Both buyers and sellers rely on Renepay to manage their procurement because it automates their existing manual processes, and they pay based on the actual usage. Infinia started out by deploying Renepay in India and Singapore. In Singapore, they partnered with Visa to offer the solution to their commercial card customers.
“We offered real time reconciliation between invoices and payments, and that is what today's buyers, sellers, and financiers want,” adds Mogul. Automation allowed the company to send out more than 600 invoices in a week, and get full control over their cash flows.
Another partner in Singapore is ValidusCapital– an online financing marketplace for SMEs. Validus has a very strong SME financing product. What they wanted was a platform that could help them reconcile invoices financed versus payments made. They chose Renepay as their partner to meet their needs. Now, when an SME avails finance from Validus, they can use Renepay to reconcile their accounts receivables. Everyone stands to gain in this relationship. Validus stands to gain, as real time reconciliation of invoices and payments is crucial to the financier. Visa stand to gain as the buyer uses a card to avail of longer credit periods. It’s a win–win for all parties.
Moving ahead, in addition to retaining its foothold in India and Singapore, Infinia plans to expand in Malaysia, Hong-Kong, and Indonesia. They are also entering Europe with a leading card network in Q1 2018. Allowing cross border trade using Renepay is yet another focus area, and Renepay want to commence cross border trading in the next six months.
