Latest news with #MSME
The Hindu
11 hours ago
- Business
- The Hindu
WE Hub to handhold women entrepreneurs from smaller towns of Telangana
Telangana government's WE Hub has launched a programme to give wings to entrepreneurial potential among women from tier 2 and 3 regions of the State. The first two cohorts, comprising 120 aspiring women entrepreneurs selected through district-level bootcamps, of the WE Reach programme were launched by Hyderabad collector Hari Chandana Dasari. WE Reach will provide comprehensive, end-to-end support to women at the ideation stage, helping them move towards establishing sustainable businesses, WE Hub said in a release. Capacity building is at the heart of initiative and it is to be achieved through inculcating business skills, financial and digital literacy awareness creation, mentorship, familiarisation visits to MSME enterprises. Assistance to set up units also figures in the programme to equip participants with requisite tools to start and scale their enterprises. 'Empowering women entrepreneurs at the grassroots is crucial for inclusive development. Programmes like WE Reach not only create economic opportunities for women but also drive long-term social transformation in our communities,' Ms. Chandana said. WE Reach is a significant step towards inclusive growth and equitable access to entrepreneurial opportunities, WE Hub CEO Sita Pallacholla said, adding that the women entrepreneurs are not only stepping into the world of business but are also on the path to economic empowerment and formalising their business ventures.
Time of India
a day ago
- Business
- Time of India
From paper to prosperity: How Tally Solutions is transforming Indian MSMEs into digital-ready enterprises
Live Events For nearly 40 years, Tally Solutions has stood as a cornerstone of India's digital business transformation, fundamentally reshaping how micro, small, and medium enterprises manage their operations. Founded in 1986 by Shyam Sunder Goenka and son Bharat Goenka after their cotton business was destroyed by fire, the company emerged from adversity to become one of India's most successful software majors, embodying the resilience of Indian over 850,000 businesses benefiting from its solutions across 100 countries worldwide, Tally has democratised access to sophisticated business management tools that were once available only to large corporations. With prestigious clients including Dell, Raymond, Tommy Hilfiger, L&T, and Mercedes-Benz, Tally has proven its ability to serve businesses across the spectrum— from multinational corporations to small neighbourhood stores. This extensive reach positions it as more than just a software provider; it is an enabler of economic growth at the grassroots approach is rooted in its 'Power of Simplicity' philosophy, which has made complex business processes accessible to entrepreneurs without technical expertise. The company's flagship product, TallyPrime, allows MSME entrepreneurs to manage and grow businesses without having to understand the finer nuances of accounting or technology. This simplification has been crucial in helping small businesses transition from traditional paper-based systems to digital introduction of GST in 2017 presented challenges for Indian MSMEs. Tally Solutions stepped up decisively, transforming what could have been insurmountable compliance hurdles into a manageable process. Through TallyPrime's connected GST solution, the platform makes GST filing easier while generating e-invoices, enabling auto reconciliation, providing ITC insights, and facilitating MSME payments. This has been instrumental in helping hundreds of thousands of small businesses navigate India's complex tax commitment to MSME success extends beyond software provision. The company has launched extensive educational campaigns to support businesses through regulatory transitions. Notable initiatives include programmes to educate over 180,000 MSMEs on e-invoicing compliance, with specific campaigns in major business centres such as Mumbai, Bengaluru, and Telangana. These efforts demonstrate Tally's understanding that technology adoption requires both tools and knowledge company's impact during the Covid-19 pandemic exemplified its dedication to supporting small businesses during crises. Tally provided extensions and support that benefited more than 130,000 MSMEs, enabling them to maintain operations during lockdowns and facilitating remote work capabilities when physical business operations were Solutions represents more than technological innovation; it embodies the transformation of India's business landscape. By providing simple, powerful, and affordable business management solutions, the company has enabled millions of entrepreneurs to formalise operations, improve efficiency, and scale businesses. Little wonder then that it stood out from over 15,000 entries at India's largest MSME awards, the ET MSME Awards 2024, winning the 'MSME Enabler Award for Tech & Innovation' India continues its journey toward becoming a $5 trillion economy, Tally's role in empowering the MSME sector — which contributes significantly to employment generation and economic growth — remains more critical than more winner vignettes of the ET MSME Awards , keep an eye on this space.
Economic Times
a day ago
- Business
- Economic Times
How M1xchange is revolutionising MSME financing in India
Live Events M1xchange has emerged as a galvanising force in financing for Indian MSMEs, fundamentally transforming how micro, small, and medium enterprises access working capital through its innovative Trade Receivables Discounting System (TReDS) platform. As an RBI-approved digital marketplace, M1xchange has successfully bridged the critical financing gap besets India's MSME impact of M1xchange is reflected in its growth trajectory and scale of operations. The platform has facilitated bill discounting worth over Rs 170,000 crore, demonstrating its role in unlocking liquidity for thousands of small businesses across the country. It has onboarded an impressive ecosystem comprising over 65 banks and non-banking financial companies (NBFCs), and 50,000-plus MSMEs, creating a comprehensive network spanning multiple geographies and industries. Over 2,500 corporates, including IndianOil, NTPC, Hindustan Aeronautics Ltd, Mother Dairy, Bharat Petroleum, and TVS, are registered on the of M1xchange's foremost contributions has been addressing the chronic problem of delayed payments,which significantly affect MSME cashflows. By providing a digital marketplace where MSMEs can sell their trade receivables to financial institutions at competitive rates, the platform has enabled businesses to convert outstanding invoices into immediate working capital. This transformation is particularly crucial for MSMEs that struggle with cashflow constraints while waiting for corporate buyers to settle user-friendly digital infrastructure of M1xchange has also democratised MSMEs' access to formal financing. The transaction process begins when MSME suppliers raise invoices, and extends through the entire discounting cycle, eliminating bureaucratic hurdles and reducing processing times. MSMEs can now access collateral-free invoice financing within 24 hours, a remarkable improvement from conventional lending timelines.M1xchange's competitive advantage lies in its ability to offer MSMEs favourable discount rates ranging between 7-10%, which are substantially lower than the 12-20% interest rates they'd have to pay through traditional financing channels. This cost reduction directly translates into improved profitability and business sustainability for small performance metrics underscore M1xchange's growing influence. In FY24 alone, it facilitated invoice discounting worth Rs 43,000 crore, a significant jump from Rs 23,100 crore in FY23. This exponential growth reflects increasing adoption among MSMEs, corporates, and financial institutions, signalling a fundamental shift in how India's small business sector is approaching working capital platform's success extends beyond mere transaction volumes. By creating a transparent, efficient, and secure marketplace for trade receivables, M1xchange has also enhanced the creditworthiness perception of MSMEs among financial institutions. This improved access to formal credit channels has enabled MSMEs to scale, invest in technology, and be more competitive in domestic and international the magnitude of positive change it has introduced has earned M1xchange a slew of laurels, such as the MSME Enabler Award for Banking & Financing at the ET MSME Awards 2024 — India's most influential MSME awards initiative. Others include 'Fintech Leader of the Year' at the Bharat Fintech Summit 2025 and 'Best Fintech For Serving MSMEs' at the FICCI MSME Ecosystem 2022 awards.M1xchange is more than a financing platform: it embodies the digital transformation of India's MSME sector. By leveraging technology to solve traditional financing challenges, it has created a sustainable ecosystem that supports entrepreneurship, promotes financial inclusion, and contributes significantly to India's economic more winner vignettes of the ET MSME Awards , keep an eye on this space.
Time of India
a day ago
- Business
- Time of India
DMK govt doubled allocation for MSME dept, says Stalin
Chennai: Chief minister M K Stalin on Thursday said the ruling DMK govt nearly doubled the allocation for MSME department to 6,626 crore over the past four years, as against 3,617 crore earmarked by the AIADMK regime during its 10-year term. Inaugurating ACMEE '25, an international machine tools exhibition organized by the Ambattur Industrial Estate Manufacturers Association (AIEMA), he said, 1,918 crore was allocated to MSME dept in the current fiscal. "Tamil Nadu stood third with 35 lakh registered MSMEs, generating more than 2.4 crore job opportunities. Subsidy to the tune of 1,381 crore was provided for 19,931 MSMEs over the past four years," he said. Noting that TN offers the lowest power tariff to all categories of consumers, he said, the peak hour consumption charges were reduced to 15% from 25% based on the representation from the MSME consumers. He said 14 new industrial estates (for MSME sector) have been created and more are in the pipeline. "AIEMA president has made a demand during his speech. It will be considered," Stalin added. Earlier, AIEMA president Satish Babu sought the state govt to set up an industrial estate in an area of 1,000 acres within a 50 km radius of Ambattur for the benefit of Ambattur industrial estate manufacturers.
Time of India
a day ago
- Business
- Time of India
How M1xchange is revolutionising MSME financing in India
M1xchange has emerged as a galvanising force in financing for Indian MSMEs, fundamentally transforming how micro, small, and medium enterprises access working capital through its innovative Trade Receivables Discounting System (TReDS) platform. As an RBI-approved digital marketplace, M1xchange has successfully bridged the critical financing gap besets India's MSME ecosystem. The impact of M1xchange is reflected in its growth trajectory and scale of operations. The platform has facilitated bill discounting worth over Rs 170,000 crore, demonstrating its role in unlocking liquidity for thousands of small businesses across the country. It has onboarded an impressive ecosystem comprising over 65 banks and non-banking financial companies (NBFCs), and 50,000-plus MSMEs, creating a comprehensive network spanning multiple geographies and industries. Over 2,500 corporates, including IndianOil, NTPC, Hindustan Aeronautics Ltd, Mother Dairy, Bharat Petroleum, and TVS, are registered on the platform. One of M1xchange's foremost contributions has been addressing the chronic problem of delayed payments,which significantly affect MSME cashflows. By providing a digital marketplace where MSMEs can sell their trade receivables to financial institutions at competitive rates, the platform has enabled businesses to convert outstanding invoices into immediate working capital. This transformation is particularly crucial for MSMEs that struggle with cashflow constraints while waiting for corporate buyers to settle payments. The user-friendly digital infrastructure of M1xchange has also democratised MSMEs' access to formal financing. The transaction process begins when MSME suppliers raise invoices, and extends through the entire discounting cycle, eliminating bureaucratic hurdles and reducing processing times. MSMEs can now access collateral-free invoice financing within 24 hours, a remarkable improvement from conventional lending timelines. M1xchange's competitive advantage lies in its ability to offer MSMEs favourable discount rates ranging between 7-10%, which are substantially lower than the 12-20% interest rates they'd have to pay through traditional financing channels. This cost reduction directly translates into improved profitability and business sustainability for small enterprises. Live Events Recent performance metrics underscore M1xchange's growing influence. In FY24 alone, it facilitated invoice discounting worth Rs 43,000 crore, a significant jump from Rs 23,100 crore in FY23. This exponential growth reflects increasing adoption among MSMEs, corporates, and financial institutions, signalling a fundamental shift in how India's small business sector is approaching working capital management. The platform's success extends beyond mere transaction volumes. By creating a transparent, efficient, and secure marketplace for trade receivables, M1xchange has also enhanced the creditworthiness perception of MSMEs among financial institutions. This improved access to formal credit channels has enabled MSMEs to scale, invest in technology, and be more competitive in domestic and international markets. Unsurprisingly, the magnitude of positive change it has introduced has earned M1xchange a slew of laurels, such as the MSME Enabler Award for Banking & Financing at the ET MSME Awards 2024 — India's most influential MSME awards initiative. Others include 'Fintech Leader of the Year' at the Bharat Fintech Summit 2025 and 'Best Fintech For Serving MSMEs' at the FICCI MSME Ecosystem 2022 awards. M1xchange is more than a financing platform: it embodies the digital transformation of India's MSME sector. By leveraging technology to solve traditional financing challenges, it has created a sustainable ecosystem that supports entrepreneurship, promotes financial inclusion, and contributes significantly to India's economic growth. For more winner vignettes of the ET MSME Awards , keep an eye on this space.
