The Micro, Small & Medium Enterprises (MSME) sector of India is subject to changes at every passing day. It employs over 100 million people and accounts for 45 percent of the country’s manufacturing output.
In the era where every task has been digitalized by the use of software tools, MSMEs provide a great business opportunity in itself.
At present in this era of modernization, 90 percent of businesses still use paper and pen to make bills. They have no correct knowledge about their business, such as profits, stock adjustments, etc., and incur extra losses due to inefficiencies in their systems.
Hence, Sumit Agarwal, a 35-year-old Bengaluru-based entrepreneur, identified this digital accounting as an opportunity for himself and started Vyapar, a simple business accounting and inventory management application for small businesses.
Let us know the success journey and Sumit’s thoughts behind Vyapar –
Sumit was working for Intuit’s QuickBooks, an accounting software package for small businesses when he realized digital accounting was an opportunity for him to grow. With just ₹8 lakhs savings, Sumit decided to set out on a mission to offer MSME’s simplified solutions to do their accounting and inventory management.
He was asked once, to help find a simple mobile application to manage their business. He spent a lot of time searching and did not find a single solution which a layman could use. So, he decided to build an easy-to-use business accounting solution.
And finally, in 2016, Sumit started Vyapar with the aim that by using this app, 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.
Vyapar software is available on two devices: mobile and desktop. It follows a simple, subscription-based model where customers pay for the premium version on a yearly basis. This paid version gives them access to premium features.
The app allows MSMEs to make GST bills, auto-calculate totals, and update payables and receivables automatically. Further, Vyapar lets them check their inventory instantly. MSMEs can see their stock status, enable low-stock alerts, and track complete inventory quantity and stock value along with information such as expiry date, batch number, etc.
Today, the app has been downloaded by over one million MSMEs in just three years. Sumit’s business has also reached ₹3 crore annual revenue.
This success story proved that to attain success, all you need is a brilliant idea and unbeaten passion to transform it into reality. Sumit Agarwal’s efforts and great analyzation of the market helped him reach to the zenith, where he is today.