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Vayana teams up with CRIF Solutions to launch tech tool for MSMEs

By Leandra Monteiro

March 15, 2021

  • India
  • Vayana
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CRIF, Vayana Network, SCF, Finance, MSMEsThe MSME sector in India is one of the largest contributors to the economy. However, measuring the success of these businesses is quite a challenge, with credit scores being one of the only available factors. Vayana Network, an Indian supply chain financing platform and CRIF Solutions, a provider of analytics, scoring and decision solutions have collaborated to introduce the Good Business Score (GBS), a tech-based tool to help India’s MSMEs measure and manage their business health effectively.

GBS will help MSMEs display their worth to prospective business partners, stand apart from competition, and improve quality by understanding their own strengths and weaknesses. The score will also serve as a criterion for large corporates and lenders associating with MSME businesses.

The Vayana Good Business Score (GBS) score is based on ongoing GST data, from which parameters like frequency, recency, value of actual transactions and business dependency figures are derived. The score serves as a snapshot of a company’s strengths, growth drivers, and areas of improvement.  A good score can also serve as a certificate to attract new business leads. By measuring the score periodically, a MSME can use it to make corrections and improvements in the business. GBS can be accessed by businesses on the Vayana Network platform where all merchant data is secured and confidential.

GBS also serves as a point of reference for large corporate and financial institutions or lenders. For corporates, the GBS score will provide a real time pulse of the robustness of their MSME supply chain partners. Similarly, for financial institutions GBS works as an evaluation tool for getting an ongoing pulse of borrowers, helping them predict and reduce lending risks.

Speaking on the launch of Good Business Score, Parthasarathi Patnaik – Chief Risk Officer, Vayana Network said, “Known as the backbone of the economy, the Indian MSME sector is a major source of employment also contributing to the country’s GDP.  For a sector this important, a looming challenge which exists is the lack of a measure which can gauge the success of MSMEs. We are happy to work with CRIF Solutions and further our efforts towards empowering the MSME sector, through a simple and powerful solution. At Vayana Network, we have always strived to work towards taking businesses to the next level – from micro to small, small to medium and medium to large, through our digital solutions. Through the Good Business Score, we aim to provide MSMEs with a tool that reflects the real picture of business health. This will enable better control and management of business operations, contributing to the larger cause of providing an environment of growth and stability for the MSME sector. With GBS, corporates and lenders too will now have a credible source to monitor and measure the health of supply chain partners or business loan borrowers.”

Atrideb Basu, Director Management Consulting for CRIF India said,” Being in the business of developing credit scores and related reports, we are happy to work with Vayana Network and extend our expertise to help develop the Good Business Score. GBS is a much required tool for a sector like the MSME which is predominantly traditional in nature. This easy to use, tech enabled tool is the answer to a holistic view of a business that goes beyond one’s credit rating.”

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