Mumbai, Feb 7 (PTI) Fintech firm IRIS Business Services on Tuesday said it has partnered with Vayana to help MSMEs in their GST compliance burden and meet other financial needs through a mobile application.
The partnership aims to combine the strengths of both companies -- IRIS' compliance expertise and Vayana's ability to offer affordable credit and cash management solutions -- thus making IRIS Peridot Plus a reliable solution for businesses, the company said in a regulatory filing.
The one-stop solution -- IRIS Peridot Plus -- will help small businesses manage their finances better, and will also help in meeting cash, commerce, compliance and credit requirements of all businesses, particularly small and medium enterprises, it said.
"We are confident that our partnership with Vayana will immensely help the industry, particularly MSMEs (Micro, Small & Medium Enterprises)," said K Balachandran, Co-Founder and Director of IRIS.
IRIS Business is a SaaS company that provides technology solutions and services in the regulatory technology space across 50 countries globally. It offers software to enterprises that enable them to meet GST and other taxes compliance as well as invoicing-related work.
"With the government's efforts to formalise the economy by bringing in the smallest of businesses into the e-invoice ambit; we see the impact we can make for tens of millions of SMEs by helping them grow through timely access to working capital," Ram Iyer, Founder & CEO of Vayana, said.
Vayana, a supply chain finance platform, has till date enabled finance of more than USD 14 billion to over 2 lakh MSMEs for over 1,000 supply chains catering to 25 different sectors, IRIS said.
Vayana is one of the largest GSP (GST Suvidha Provider) in the country, facilitating, GST, E-Way bill and E-invoice for numerous corporate and SMEs.
Shares of IRIS Business Services closed 3.35 per cent down at Rs 79.25 apiece on the BSE. PTI NKD SHW