FinTech startup IBSFINtech India has raised an undisclosed seed funding from Shailesh Haribhakti, chairman of Haribhakti & Co.
IBSFINtech India is a corporate treasury management solutions provider and the software it has produced in this space is gaining currency at a very fast pace. The company is already managing treasury market transactions of Indian corporates to the extent of $20billion. The founders, who have floated this company, have, among them, over 100+ years of hands on experience in areas of finance, treasury operations and of course, IT. IBSFINtech also prides itself on being the only Indian origin company in the domains they are operating in.
The investor, Shailesh Haribhakthi, Chairman of Haribhakthi & Co, reckons that the software created by IBSFINtech India can be considered the Gold Standard for the industry, especially in treasury and forex management solutions.
In addition to this seed funding, IBSFINtech India is also looking at growth funding as they expect to draw out places to expand the business globally and to invest in research and development.
IBSFINtech India further states that the company has the capability to operate with a cross section of industries and business verticals; from core industries like steel making and chemicals and textiles to new generation businesses, like IT, services sector and retail and e-commerce.
The list of their existing client itself confirms such diversity and one of their latest client acquisitions has been automobile major Maruti Udyog Limited for implementing their treasury management software package.
It is pertinent to point out here that global consultancy firm McKinsey has done a study and reported that the worldwide business potential for corporate treasury management, B2B payments and managing cash flows is as huge as $135 trillion.
IBSFINtech India is also adding clients within India at a tremendous pace and as they expand their operations globally, they expect to grow at a faster rate even.