Fintech alliance will offer dues and unclaimed investment recovery services to more than 1 million MSMEs across India, will reduce NPAs and enhance sustainability
September 5th Mumbai/ New Delhi
SME MAXX and Share Samadhan today announced a strategic alliance between two companies to cater to the unmet need of professional dues and investment recovery services for MSMEs.
Delayed realisation of their bills and receivables is a common problem among MSMEs, leading to financial hardships and liquidity constraints—a key reason for many of them turning into non-performing assets (NPAs), affecting their sustainability.
While the government has taken an active interest to mitigate this problem by setting up the MSME Samadhaan portal, most MSMEs have not been able to utilize the facilities due to lack of awareness or procedural expertise. The alliance will address this problem by providing procedural, administrative and legal support to MSMEs to recover their dues.
Lack of proper record keeping and succession planning among MSMEs has created a massive problem of unclaimed investments. The value of physical papers / unclaimed investment in the country is more than Rs 5 Lakhs crore. The Alliance will offer MSME owners and their successors a one point registration channel on SME MaXX to identify and recover unclaimed assets.
“Through this initiative, we aim to achieve the twin objective of improving MSME cash flow and unclaimed asset recovery said Vikash Jain co-founder of Share Samadhan. “This alliance will strengthen our reach to wider set of MSMEs in smaller cities and towns who have little or no access to such facilities.”
Dr.Anand Bidarkar, CEO of SME MaXX said that “The combination of our fintech platform and Share Samadhan’s proven expertise through this alliance will bring a much needed financial service to our SME partners.”
Besides the obvious commercial benefits, MSMEs utilizing the services of the Alliance will also be able to free up their bandwidth and resources on more productive pursuits. This will be a small but important step towards meeting the government’s goal of increasing SME contribution to the country’s GDP. The service can be accessed at: https://www.smemaxx.com/dues-recovery
About Share Samadhan:
Share Samadhan Pvt Ltd (www.sharesamadhan.com), headquartered in New Delhi, is India’s Largest Unclaimed Investment Retrieval Advisory Company- Assisting people to recover their Lost / Forgotten / Scattered or blocked investment in Unclaimed Provident Fund, Old Shares, Unclaimed Insurance, Old Mutual Fund, Postal Savings or Inoperative Bank Account etc.Share Samadhan has already recovered more than Rs 100 crores worth of Investment for its client across various cities in India as well as for lot of NRI’s
About SME MaXX:
About SME MaXX: Founded in 2016, SME MaXX (www.smemaxx.com) is one of India’s largest SME group buying & SAAS platform that offers Fintech, Insuretech & HRtech solutions to SMEs and their employees through an integrated online platform.
With a goal to be the One Stop Shop for SME success, we are focused on creating a global network of buying alliances, leveraging the best of technology and building innovative solutions, to help SMEs increase their productivity and scale.
SME MaXX caters to users across 100+ cities across India, helping alleviate some of the most common challenges faced by small and medium-sized businesses in India, while saving costs and time. SME MaXX is a unit of F.A.C.E Pvt Ltd with offices in Mumbai and Hyderabad
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