We offers MSMEs simplified solutions to do their accounting and inventory management: Sumit Agarwal


Several Apps are available now a days to make things easier related with our daily needs. specially Apps related with finance and accounting when things are related with taxation and business management. similarly Vyapar Tech Solution is one of the simplest Business Accounting and Inventory Management application for Small Businesses. Vyapar is a Free Business Accounting, GST & Inventory App, solution aimed at simplifying business management and tax filing needs of small business owners in the simplest way possible. Sumit Agarwal, Founder & CEO – Vyapar focuses key issues while discussing with businessfortnight.com. Have a look

Q. What is Vyapar? Could you acquaint us with its operations in India?

Established in 2016, Vyapar is a Bengaluru based start-up that offers India’s first mobile friendly full GST compatible accounting software app to micro and small businesses to manage their daily billing inventory, GST and accounting operations. Our main mission is to offer MSMEs simplified solutions to do their accounting and inventory management. By using Vyapar, an entrepreneur can stay on top of his/her finances, collect payments on time, keep track of inventory, generate GST reports, and make smarter business decisions. Today, the app is available for smartphones and desktops, and has been downloaded by over one million MSMEs across 500+ cities at Pan India Level.

Q. From an idea to a startup, could you share with us how did Vyapar evolve over time?

It was less of an idea and more of a necessity that brought Vyapar to life. Being born and brought up in a business family, I was able to inherit business attributes at a very young age and  was even able to comprehend all the stumbling blocks that come in the way of small businesses in their day-to-day life. Having an engineering background, I started working with Quickbooks for 8 long years where I assimilated how a mobile-based accounting software improved the lives of small businessmen in the USA. This is when I perceived my passion to help small businesses grow in India too as it was challenging to find software that matched our Indian small business accounting exigencies.

Finally, when I was approached by one of my family members to build an App for recording and tracking business finances, my passion ultimately took a shape. I worked day and night with my relative Shubam Agarwal (Today’s Co-founder of Vyapar) to build a software that could make business life less weary. Together, we developed a very simple Business Accounting App – first version of Vyapar, and even till then , there was not even a single solution compatible with the way Indian small businesses work.

Eventually, this prototype evolved into Vyapar software that is now used by more than 1.5 Million small businesses today. Of course, it was not a smooth sailing! Vyapar has been evolving continuously breaking the barriers between small businesses & technology for the past 2 years based on customer’s feedback, changing environment and other critical inputs.
We are definitely proud of where Vyapar has reached today.

Q. What is the unique value proposition that Vyapar offers especially post GST implementation? 

When a disruption in the Indian market was initiated with the introduction of GST, a large segment of businesses were inconvenienced. It had affected businesses of all sizes in one or the other way. Being GST compatible was the utmost concern of every business. The tools most companies provided small businesses became ineffective immediately. 9 out of 10 small businesses struggled with the paperwork needed to file tax returns.

Observing this situation and considering the country’s increasing reliance on mobile-based business activities, Vyapar developed India’s first mobile App that gave small businesses hassle-free experience in digitizing business accounts and becoming GST ready effortlessly.

With Vyapar, anyone with little to no accounting knowledge to could generate GST-bills, GSTR reports with just their smartphone. This is when Vyapar, an easy-to-use Business Accounting App proved to be a requisite tool to remain 100% GST-compatible. Many small business owners thereafter appreciated being able to get things done.

Q. Brief us on the IT adoption and decision making dynamics among the SMB Space?

According to the statistics, India’s SMB sector is growing at a positive rate of 11.5% yearly. Furthermore, this SMB segment contributes to approx 45% of India’s GDP, which is 3 times what the Corporate contributes, as mentioned by way of the Future of Business Survey. When small businesses capitalize on Digital India opportunities, they can become more competitive and productive.

But, a majority in this SMB sector is still lagging behind in digitizing their businesses. Unfortunately, technology penetration in the SMB sector is still minimum. SMBs are hardly open-minded about technology adoption. It seems to be difficult for the small businessmen who are used to the old way of accounting, to learn how to grasp the latest technologies as most of them are not technically well-lettered. They are raw and technologically inexperienced & need to be hand-held at every step. It is also important to realize that this Non-English driven SMB sector has a tradition-bound lifestyle and suffer from a mindset problem along with language barriers. Their decision-making dynamics are driven by their habits, surroundings and not by choice.  Also, non-controllable factors influence them.

On the other hand, the rise of the “Digital India Movement” has prompted the rise of digital business accounting. If SMBs haven’t embraced technology yet, then it’s only a matter of time before it does or is compelled to. All things considered, by 2020, SMBs in India is estimated to be around Rs. 1793.76 Billion market for emerging technologies.

Q. What Challenges do you think the SMEs face while going digital? How does Vyapar help?

Despite of the tremendous potential it promises, the nation’s micro, small and medium businesses are plagued by various challenges. One of the major challenges holding down the SME sector is their age-old inefficient methods of operating business and their inertia to adopt technology. Understanding the new digitized system & implementing them in their businesses appears as a challenge. Unfortunately, in India, many are still technologically immature, they dread thinking about the effort that goes into learning and using the software. Even with the rapid adoption of technology in the country, many SMEs don’t even possess basic computer literacy skills.

Especially in tier-2 & 3 cities, SMBs are hesitant to adopt technology as they have serious concerns with data security. They refuse to maintain a digital copy of their data as they think it will easily fall into the wrong hands. Cost is also a major deciding factor when it comes to technology adoption in rural areas as many SMEs feel that software is too expensive to own.

We are talking about improving the quality of life of a segment that is the largest in our nation, i.e ‘Small Business sector’ the heartbeat of our economy. Making SMEs successful is important to let India emerge as one of the brightest economic spots in the coming years. Businesses should focus on ways to make monetary progress rather than stuck up in incorporating their finance. I empathize with SMEs who are losing time and money in managing their business accounting using the old pen and paper mechanism.

We have built our Mobile billing App mainly for Indian businessmen who have no accounting and technical knowledge, and made Vyapar App completely FREE of cost for them for a lifetime.

In addition, Vyapar is an offline App available in 2 languages (English & Hindi) and guarantees 100% data security. Nobody other than the owner can access their business data.The App interface is extremely user-friendly to be used by anyone, even with little education. Vyapar is coupled by a strong customer support team that can handle queries in almost all Indian languages as a result of which the Vyapar has a 4.6 rating and 1.5 Million+ downloads on Google Playstore.

Q. What are the future plans of Vyapar for the SME-SMB community?

Our future plans are aligned with the long-term vision of digitizing every business in India, simplifying the business processes to help SMEs grow and achieve goals faster. Our tech-enabled simple and cost-effective solution is aimed at making business easy for millions and transforming the SME landscape in India.