Is there chaos over lost time & poor ROI within your Corporate Finance, AP, AR, and Accounting functions within your business?

You can now Renew your financial efficiency with the magic of innovation and cloud enable magic from NuFinanz Private Limited

This is the story of two friends – Mr. Ronak Rajan and Mr. Samrat Parasnis who are together making a mark in the Indian PaaS & Cloud market by automating the Contracts Management, Bookkeeping & AP/AR functions of Indian businesses. With over 30 years of collective experience in the industry, NuFinanz aims to help companies reduce their financial & accounting functional cost and increase ROI by up to 50% using their easy-to-use LUCAS – Cloud Platform. NuFinanz which went live to market in February 2020, is their second venture, working with NASSCOM 10000 Start-ups ecosystem.

LUCAS – by NuFinanz, is a Cloud-based (web/mobile app) Financial Back-Office Platform-as-a-Service (PAAS) helping companies manage their end-to-end processes covering – Contract Management, Automated Bookkeeping, Publishing data into ERP, Invoice/Bills Data Extraction, AP & AR and Automated Payment journey.

The Beginning

Their journey together started 8 years ago when they first incorporated their first venture NatunaTech Private Limited, which provides a Management Consulting & Sales-as-a-Managed Service to its clients in the US, Netherlands, Israel, and India. They made it a profit-earning organization in these 5 years (NatunaTech was also awarded as the Startup of the Year – 2019). Whilst running NatunaTech they realized that entire Contract Management, AP/AR, and Bookkeeping in India is still a manual, costly process giving rise to inaccuracies, lack of real-time visibility, and high fixed costs.

With their experience in this space, they came out with the solution by building an easy-to-use, Cloud-based Platform that helps Internal Finance Practice and Accounting teams of companies to manage all their Contracts/PO’s/SOW in one place, Automate entire manual Bookkeeping through automated Invoice Data Extraction, Live track their AP and AR timelines, and Automate Payment through LUCAS. All of this comes with a 100% accuracy promise and 48-hour turnaround, helping our clients to focus their time on advanced domain and expert processes.

Mr. Samrat Parasnis (CEO and Founder of NuFinanz) has expertise in the BPO, IT Landscape and Management with companies like Wipro and HCL. He has over 18 years of international experience leading global teams comprising technology, operations, and sales. He also set up the European division of a VC-funded start-up and led it for over six years. He holds a PGDM from the prestigious IIM Calcutta and an engineering degree from Mumbai University.

Mr. Ronak Rajan (COO & Founder of NuFinanz) a fintech and solution expert is an engineer from Mumbai University. After doing his MBA from Huddersfield University he gained 15 years of Sales, P&L, and Operational leadership experience in Europe, Australia, Asia, and US markets. He has strong technology, finance, product marketing, and consulting experience across APAC and Europe and has experience in topics like Digital Transformation, Robotics, Machine learning, Oil & Gas, and SaaS.

NuFinanz started its go-to-market and User deployment in February 2020. NuFinanz is a lean team of 8 highly efficient experts from IIT, IIM, and Global Business Schools who manage all the processes from their offices in Mumbai and Kochi.

About the PAAS application, in simple words by the founders:

“Through our platform, our clients simply upload their Contracts (once it’s executed & we track all terms) and then regularly upload Invoices (bills/receipts/expenses) every month. We then manage the entire process through our ML-based OCR developed that extracts 100% accurate data from Invoices/Bills/Receipts and makes Bookkeeping entries into ERP and tracks all receivables and payments that need to be made. Since we are 100% accurate and have a turnaround of 48 hours, we take away a lot of pressure off the financial teams and ease the workload it keeps employees happy.”

The most important benefit of this PAAS platform is it enables the financial team of the companies to focus on other strategic tasks like financial planning, vendor/client management, contractor and pricing, and other key tasks. LUCAS offers integrations to major ERPs like Tally, QuickBooks, QBO, MS Dynamics, and SAP, and hence covers a wide range of ERP systems. Their ROI is that they help their clients save up to 50% costs, as LUCAS enables its in-house teams to automate multiple core processes thereby reducing Manual Data Entry/Tracking and allowing higher accuracy leading to timely Audits, GST, Recovery of Incoming Payments, Timely Vendor Payments, Manage Bookkeeping and track all Invoice/Expense processes.

As claimed by its Founders – “Since the initial outlay is very negligible and we deploy in less than a week’s effort, the customer can reap ROI from Month 1 itself. As this is a Cloud Platform, there is no Software Licensing, Integrations and Maintenance, allowing Accounting teams to use this service anytime, anywhere, including FULL REMOTE OPERATIONS “

What made them stand out from the crowd?

They charge the customers based on the volume of data uploaded per month through their APP, hence this becomes an extremely cost-effective method over many Licensed Driven Software products which require costly integrations. Also, they have a custom-built OCR (with ML algorithm) for Indian data/ businesses, and this advantage scores extremely high on the client’s parameter.

Since the team is remotely available there has been no disruption to their work even during the lockdown of the COVID-19 world Pandemic. NuFinanz offers telephone, email, and chat channels for support.

Feathers on the cap

NuFinanz Private Limited is incubated with KSUM & NASSCOM 10000 Startups. Their app (LUCAS) is published on INTUIT Global AppStore and is available across the globe in the UK, USA, Canada, and India. And they have on-boarded early clients

Booming PAAS market

Globally, cloud spending on IT is growing at 16.5 percent (CAGR) and is expected to touch USD 345 billion by 2022. Growing adoption of Big Data, analytics, artificial intelligence, and the Internet of Things is expected to push the cloud market in India to grow 3-fold to USD 7.1 billion by 2022, a report by NASSCOM
As of 2019, the total PAAS market contains more than 360 vendors, offering more than 550 cloud platform services in 21 categories. As per Gartner, from 2018 to 2022, the market will double in size and PAAS will be the prevailing platform delivery model moving forward.

Currently funded by the Founders and early-stage Friends/Investors – NuFinanz is aiming to have sustainable growth in the next 6 months and then go for aggressive growth in the world cloud market.

“Any sufficiently advanced technology is indistinguishable from magic”-Arthur C. Clarke’