MSMEx said that it will use this funding to develop new intuitive technologies, including a deep learning-based recommender system, a live chat system, an AI-based behaviour analytics system, and scale its operations to serve more users. MSMEx was founded by Amit Kumar in 2019 and was joined at an early stage by Vishal Kumar, Dilip Kumar, Khushboo Arora and Kumar Sambhav.
In a statement, Amit Kumar said “Only 0.5% of micro businesses are able to scale up and graduate to the next level in India, while the comparative figures for China and the USA are at 25% and 45% respectively. Not every micro business owner gets access to world-class business education or mentors and advisors, as 90% of them are located outside metro cities. MSMEx is taking structured business education and advisory services to every corner of India, to create future leaders of Indian economy.”
MSMEx offers live business sessions for micro, small and medium enterprise (MSME) owners and connects them with curated business experts for online interactions and hand holding support.
“We all agree that India has been making significant
in the SME and MSME segment, more so during the last few months, owing to businesses realising the impact of digitisation on their business, economic growth, job creation and overall productivity. While this situation has forced the MSME segment to adopt everything new and leverage this as a once-in-a-lifetime opportunity, there’s been a need for small business owners to be well-enabled to make informed decisions and move in the right direction,” said Shashank Kumar, CTO and Co-Founder, Razorpay, in a statement.
In a statement, Samir Khosla, Managing Partner at TNF Investments said, “Micro and small enterprises in India and other developing economies are demonstrating growth, in their numbers and ambitions. This investment is the first step of a larger vision and partnership, which will become a catalyst for best breed MSME entrepreneurs, supporting them by applying our intellectual, network, and financial resources.”
The last 15 months have changed the way business is done in India. While large corporations and technology companies have managed to adapt to the new reality of remote work, having already undergone digital transformation, India’s 63 million micro businesses with their limited resources have found business transformation and online interaction challenging. MSMEx bridges the gap by enabling access to digital transformation and business best practises for these smaller, geographically dispersed businesses in a cost effective and efficient manner.
Currently, the MSMEx platform has over half a million users representing micro and small businesses from over 1,200 cities across India.