Bootstrapped IndiaFilings Raises $4.3 Mn Secondary From BeeNext and Udtara Ventures

Chennai and Mumbai based IndiaFilings.com operated by VERVE Financial Services Private Limited has raised 30 crores from BeeNext and Udtara Ventures. The funding raised as secondary will be used to provide exit to family members who were fully invested in the company

IndiaFilings.com which helps businesses and individuals with compliance and regulatory services has raised USD $4.1mn from BeeNext, Udtara and angels. The funding will be utilised to give stellar returns to the family members who had originally invested to grow the company into a successful, profitable venture with over 500 employees and 1 lakh paid customers.

Lionel Charles, CEO and Founder, IndiaFilings with his mother

Founded in 2014 by Lionel Charles, IndiaFilings provides over 200 services for small businesses that help small businesses stay compliant and manage their regulatory requirements - at a very affordable price point. The company utilises homegrown technology to provide regulatory and accounting services at scale. The company has a revenue run rate of over Rs. 50 crores and is profitable.

Commenting on the announcement, Lionel Charles, CEO and Founder, IndiaFilings, said, “Our vision is to build IndiaFilings.com as an institution and a fintech platform for India. We are happy to partner with BeeNext and Udtara Ventures in our journey of building together. With this investment, we are looking to double our revenue, introduce newer products and grow our customer base further.

I am also extremely thankful to my parents for backing me up in my first venture with funds - when I came back after completing my Bachelors and Masters in the USA. They literally bet all their life savings on my venture. I am happy - that I have been able to give them an exit and good returns.

There is a perception that Entrepreneurship is risky among some in India. I hope our story serves to break this perception and parents see investment into their children's business as an asset class that can be monetised in this new decade.

IndiaFilings was started with the simple idea that doing business should be easier and more seamless in India. Over 50,000 businesses have so far been started through IndiaFilings.com. The company currently offers services across various verticals like business registration, taxation, accounting, banking and intellectual property services. In 2018, the company launched LEDGERS Accounting Platform to help SMBs and Individuals with tax filing services. With this fundraise, the company is looking to professionalise management and scale operations.

IndiaFilings Pledges to Launch 10,000 Startups under Aatmanirbhar Bharat Mission

A Startup-Friendly nationwide initiative to push India on the path of self-reliance

Aims to support Startups and new business initiatives, across India, in cataloguing their companies at a minimal cost

India has made tremendous progress in improving ease of doing business in India through various measures to simplify the company registration process. On the eve of 74th Indian Independence, India's largest cloud-based business registration and compliance services platform IndiaFilings.com has taken a pledge to help over 10,000 startups register their business under the 'Aatmanirbhar Bharat' mission.

From 142 to 77th place on 'Ease of Doing Business' rankings in merely 4 years, India has made tremendous progress to make it simpler for Entrepreneurs to register a company. The Government has streamlined various services and simplified the forms to make same day incorporation of company possible in India. Further, with the introduction of SPICE forms, the entire process of obtaining various registrations like GST, PF, Professional tax and opening of Bank Account has also been integrated. Thus, the stage is now set for Indian Entrepreneurs to easily start a business and build a self-reliant India.

IndiaFilings.com is a platform built in India and owned 100% by Indian entities that help lakhs of entrepreneurs each year with various services like incorporation, tax filing, GST registration, accounting and payroll processing. Started in 2013, the company currently has over 500 employees across 7 offices.

[caption id="attachment_151122" align="alignleft" width="264"] Reeni Samuel, COO at IndiaFilings[/caption]

Reeni Samuel, COO at IndiaFilings said,"With this nationwide campaign, we are striving to make the registration process simpler for all Startups. The attractiveness of this unique initiative increases as not just registrations, we are offering a bunch of services available at our platform including accounting and loan offerings from banks. I think there is no better time to launch a business, as the country is coming out of lockdown and there is lots of unfulfilled demand everywhere."

Under the 'Aatmanirbhar Bharat' mission, IndiaFilings will offer various business startup services at a very nominal cost. Also, those signing up under this initiative will be provided access to other softwares for accounting and HR at no additional cost for 1 year.

"With our own version of 'Aatmanirbhar Bharat' campaign, we are offering all the legal and regulatory help to the young ensuring their business dreams remain compliant and continually growing," added Reeni Samuel, COO, IndiaFilings.

The sole mission of this initiative is to put India on the road to self-reliance, to join the operation, please visit www.indiafilings.com

ConqHR HR Suite Launched by IndiaFilings.com

IndiaFilings.com the largest cloud-based business services platform, has unveiled a new HR suite called ConqHR (pronounced Conquer). The company which began in 2014 offering incorporation services has over the last five years expanded its service offering to include GST, business tax filing, payroll processing, incorporation services and trademark filing.

With the launch of the ConqHR HR suite, the company hopes to help tens of thousands of businesses in India streamline their HR processes. Speaking at the product launch event, Lionel Charles - CEO of IndiaFilings said “We are excited to launch ConqHR in continuation to LEDGERS software. With the launch of ConqHR, we continue to evolve as a product company and look forward to releasing a brand new platform for helping millions of taxpayers save taxes in the upcoming month.

HR Management a Challenge for SMEs
India has over 55 million small businesses of various sizes. Of the 55 million small businesses, a good portion of small businesses employ various staff and would be required to process payroll each month and comply with regulations such as ESI, PF and TDS. Currently, the business owner takes responsibility for payroll processing in most cases and process the same using tools like Excel - manually.

Processing of payroll manually with minimal experience can lead to errors and non-compliance issues. To avoid such hassles - a cloud-based HR suite like ConqHR can be implemented by SME owners to simplify, automate and streamline the entire process.

Automating HR management using ConqHR
Implementing ConqHR in a small business can help the business owner automate many of the mundane tasks associated with HR management like:

1. Employee onboarding


2. Leave management


3. Attendance management


4. Payroll processing


5. Payroll disbursement


6. HR compliance


7. TDS filing


8. ESI filing


9. PF filing


10. Exit management


11. Performance review and monitoring


12. Asset management

ConqHR HR suite is completely customisable and can be setup to suit the requirement for a business of any size - having any number or branches or employees. Once setup, the suite manages various aspects of HR management and provides various insights to the business owner to maintain a healthy employer-employee relationship. For example, the system can detect overworked or underworked employees based on various datapoints and also suggest periodic salary increments based on the company’s HR policies.

Integrated Recruitment Software
In addition to HR management modules, ConqHR also has an inbuilt Applicant Tracking System called RecruitHR. With RecruitHR, the business owner can automate the entire process of discovery of potential candidates, first engagement, interview and onboarding. ConqHR and RecruitHR work in an integrated fashion to provide the business owner with a comprehensive HR solution.

LEDGERS
Last year the company also unveiled LEDGERS Software to help businesses issue invoices, track purchases, file their GST returns and maintain their compliance online. LEDGERS platform is linked with the GST Network and GST return filing in the government’s portal can be done seamlessly based on the invoices generated or uploaded on the platform. Over 50 thousand businesses now use LEDGERS and the company is targetting to increase the user base further.
About IndiaFilings

IndiaFilings is India’s largest online platform offering a range of services like income tax filing, GST return filing, GST registration, company registration and trademark & patent filing. IndiaFilings and its team of 500 Advisors help lakhs of individuals and entrepreneurs with quality and reliable compliance services online at an affordable price point.

~ BusinessWire India