Mumbai: "MODIFI", a global FinTech platform, today announced an ambitious expansion strategy to enhance its presence in the Indian market. This move is aligned with the company's commitment to bolstering India's SME trade sector. 'MODIFI' is projecting a substantial increase in its Indian operations, targeting aggressive growth in its business within the country by 2024. This expansion builds on an already impressive 1,000x business growth since the company's launch in India in 2019. 'MODIFI' has been a catalyst in supporting Indian businesses and entrepreneurs with over US$1.5 billion in cross-border financing since it began its operations in India.
The initiative comes in response to the challenges faced by SMEs in navigating traditional cross-border payment and financing methods, which are often cumbersome, costly, and opaque. These conventional systems tend to favor larger corporations, leaving SMEs in need of more efficient and tailored solutions. 'MODIFI' is addressing this gap with innovative digital solutions that enable SMEs to compete globally with the efficiency and scale of larger enterprises.
Nelson Holzner, CEO and Co-founder of MODIFI, commented on the company's focus and strategic initiatives in India. "India is a crucial market for us, and our expansion is in tandem with the country's economic growth and aspirations. As one of the leading FinTech companies specializing in cross-border B2B payments and financing solutions, 'MODIFI' is poised to significantly contribute to India's 'Make in India' initiative. Our solutions are designed to bridge the financing and payments gaps for Indian SMEs, helping them to emerge as key players on the global manufacturing stage by addressing critical issues like working capital access, effective payment solutions, and risk management."
"MODIFI has already financed over USD1.5 billion in trade volumes for Indian businesses and entrepreneurs. Since launching in India in 2019, we have seen a nearly 1,000x growth increase in our business, and we anticipate this trajectory to continue," Holzner added.
Sachin Nigam, Head of Sales, MODIFI India, shared insights into the company's impact on the local market: "Our expertise in cross-border fintech solutions has been instrumental in driving exponential growth for Indian businesses. For instance, we've seen a leading Indian manufacturing company achieve a tenfold increase in turnover, surpassing INR 5000 crores. This is just one of many success stories illustrating how MODIFI's solutions are vital for small and medium enterprises contributing significantly to India's industrial output and exports."
In light of the challenges faced by small and medium-sized manufacturers in dealing with larger buyers, MODIFI is committed to changing the dynamics, promoting equitable and sustainable business relationships.
A CEO of a leading Bengaluru-based Readymade Garments Exporter shared, "Partnering with MODIFI has revolutionized our financial operations. We can now reinvest funds previously tied up in invoices into growth-enhancing initiatives. MODIFI's support in financing our manufacturers has been pivotal, allowing us to trade with confidence and minimize risk, setting the stage for further expansion."
MODIFI's strategic focus on India represents a significant step in its global mission to empower SMEs with innovative financial solutions, fostering growth and sustainability in the global trade ecosystem.
Notes:
● India's exports are soaring to new heights, with a projected growth of 13.84% in FY 2022-23, reaching a staggering USD 770.18 billion.
● A Global Trade Research Initiative (GTRI) analysis reveals a 1.5% increase in India's goods and services exports during January-June 2023, reaching USD 385.4 billion compared to USD 379.5 billion in the same period of 2022.
● Exports have experienced remarkable growth over the past two years, with India reaching a milestone of $418 billion in manufacturing exports in FY22.
● By 2028, India is poised to achieve a remarkable $1 trillion in manufacturing exports, with manufacturing's share of GDP projected to rise from 15.6% to 21% by 2031.
(Source: Industry reports)
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