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When businesses are facing harrowing times due to ill-managed resources or ideas, the need to have specialized personnel to help the ideation sail through has increased multifold. At this juncture, Setup Services India (SSI) announced its entry into the Financial Aggregation market. The company aims to develop a one-stop financial services solution for the next-gen entrepreneurs; SSI aims to facilitate business registration, compliance(s) management and advisory processes to be robust, transparent and cost-effective.
Mr. Nishant Arora, Co-founder & Director, Setup Services India
Headquartered in New Delhi, SSI has a profound professional network and in-house team of CA/CS to ensure efficiency and effectiveness of the services being delivered. The company says that the goal is to become an extensive KPO in the B2B arena and provide various solutions to the new India. “SSI will be following aggregation model to serve its clientele from all over India. We aim to facilitate the ease of doing business in India by promoting the culture of outsourcing technical activities like accounting and bookkeeping, which will in turn help entrepreneurs to increase their focus on core business activities rather than on compliances,” said Nishant Arora, Founder, Setup Services India (SSI).
Explaining the Financial Aggregation model and its lack of popularity in India, Arora said, “A financial data aggregation service connects banks and individuals banking information, bringing it all together in one place, such as a mobile banking app that automatically sets and tracks budgets. They compile information from clients bank accounts, such as spending habits, investments, and credit histories, from a variety of banks to develop a personal financial wealth management tool for them.”
The company has extensive plans to expand in India. “We plan to explore and launch Industrial, commercial real estate advisory in phase 2 implementation to provide an extensive one stop solution to its foreign clients who are willing to setup their business in India. Also, such products may or may not come under the umbrella of SSI but will surely be coming under Sixth Element Finserv P Ltd., the holding company of SSI. Sixth Element Finserv Pvt. Ltd. will be expanding in investment advisory domain extensively and may initially come as an investment advisory company and then launch a full-fledged portfolio Management Service in its own brand,” said Arora.
Helping the country with the Startup India initiative, SSI aims to be a one-stop solution for all financial services start-ups may be looking for. Talking about the role company intends to play start-ups domain, Arora said, “Our portfolio extends from incorporation, compliance management to outsourcing of key statutory requirements like maintaining books of accounts, ROC registers, etc. In the first phase, SSI will help Start-ups raise funds post-Series A and have tie-ups with leading Investment bankers based out of the United States of America. However, in phase 2 implementation i.e., around after six months, SSI will start a mentoring programme for Start-ups, entrepreneurs and guide them on how to scale up their business ventures.”
The company will also help domestic and international companies with various compliances. “Compliance management is not a cakewalk and requires complete dedication, knowledge, and regularity. SSI offers to provide annual compliance packages and provide one-stop solution for all the compliances,” informed Arora.
The company has already formed service facilitation partnerships with online payment processing merchant Razor Pay to operate a payment gateway for SSI that will allow clients to pay online using credit cards, divide bills, and pay via subscription plans. The company has also partnered with logistic solutions provider Ship Rocket to distribute DSC tokens, PAN cards, stamp papers, and other items across India on a cash-on-delivery basis. The company has signed up as a master merchant for digital signature certificates (DSC) registrations, allowing it to create DSCs in-house and grant sub-accounts to its wholesale customers as needed. Sixth Element Finserv Private Limited is already being trusted by biggest of the brands in India as it tied up with IIFL Securities Limited as a Sub-Broker to market and promote IIFL Home Loan bonds (A 1000 crores of NCD issue).