Fintech startup IOUX, which specialises in offering a holistic resolution to execute authorized and monetary agreements to advertise ease of doing enterprise, is trying to increase USD 10 million (about Rs 77 crore) in a couple of months to additional strengthen its presence within the sector, its co-founder Vineet Ok Sachdev mentioned.
He additionally mentioned the corporate is introducing blockchain techniques on the IOUX platform to assist MSMEs set up their efficiency and credit score worthiness to get funds from monetary establishments at simple and inexpensive phrases. Businesses who fulfil their contractual commitments will stand to achieve tremendously when it comes to new enterprise acquisition and entry to viable credit score by the startup’s companion community.
The primary goal of the Department for Promotion of Industry and Internal Trade (DPIIT)-registered platform is to turn into a number one participant within the areas of contract creation, execution and enforcement of authorized and enterprise settlement to advertise ease of doing enterprise within the nation and the Digital India initiative of the federal government, he mentioned.
“We have earlier raised a small seed round of USD 0.5 million. We are now looking at raising around USD 10 million in a few months time. We will work towards that. For that, we are exploring discussions with venture capital firms. We will be looking at venture capital firms who have a focus on legaltech and fintech, especially which is backed by blockchain technology,” Sachdev advised PTI.
The firm has over 15,000 clients together with about 3,000 companies, and micro finance firms. Explaining the rationale behind the IOUX platform, he mentioned that people and MSMEs face quite a lot of points with regard to documentation like authorized agreements, mortgage and hire agreements, work contracts, HR agreements, and financing and repair agreements.
“So the IOUX platform provides a one-stop solution to all these issues. We have templates for all these agreements which are drafted by domain experts and are legally vetted also,” Sachdev added. H P Kumar, who can be a co-founder of IOUX, added that the platform helps in resolving finance, compliances, and authorized settlement documentation, which in flip promotes ease of doing enterprise and improves the enterprise surroundings of the nation significantly for the MSME (micro, small and medium enterprises) sector.
“All these issues can be addressed through our platform,” Kumar mentioned including “our specific product verticals include online creation of legal contracts/ security and other documents; e-sign any document; download drafts/ samples of documents and agreements; obtain stamp paper online; verify and authenticate identity of any person/business (eKYC)”.
Kumar added that the platform promotes ease of doing enterprise by fast-tracking contract execution and enforcement. “The fintech and legaltech services being offered by our company are unique and there is no other company in India providing such services in an integrated manner. Our company has already applied for three patents and have received two,” he added.
The authorities has granted patents for a secured system and technique for producing and monitoring a sensible contract utilizing computer- applied distributed ledger; and contractual dispute decision mechanism (CDRM). It can be registered with CERSAI, CKYC, ranking companies/credit score bureaus like CIBIL, CRIF, Equifax and Experian. The firm has an in-house know-how staff which has developed your complete software program system with funding coming from founders
Source: www.financialexpress.com”