The firm will help startups raise funds post-Series A round.
Setup Services India Enters Financial Aggregation Market
NEW DELHI — Indian financial firm Setup Services India has announced its entry into the financial aggregation market. The company aims to develop a one-stop financial services solution for next-gen entrepreneurs.
Setup Services India will be working towards facilitating business registration, compliance management, and advisory processes to be robust, transparent, and cost-effective.
“Setup Services India will be following aggregation model to serve its clientele from all over India,” said Nishant Arora, Founder, Setup Services 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 compliance.”
The company has extensive plans to expand in India.
“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,” Arora said.
“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,” he said while explaining the financial aggregation model and its lack of popularity 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 set up their business in India.”
The company has signed up as a master merchant for digital signature certificates registrations, allowing it to create digital signature certificates in-house and grant sub-accounts to its wholesale customers as needed.
Sixth Element Finserv Private Limited has tied up with IIFL Securities Limited as a Sub-Broker to market and promote IIFL Home Loan bonds.
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 make payments through subscription plans.
SSI has also partnered with logistic solutions provider Ship Rocket to distribute digital signature certificates tokens, PAN cards, stamp papers, and other items across India on a cash-on-delivery basis. The company will also help domestic and international companies with various compliance.
“Compliance management is not a cakewalk and requires complete dedication, knowledge, and regularity. Setup Services India offers to provide annual compliance packages and provide a one-stop solution for all the compliances,” said Arora.
(With Inputs from ANI)
(Edited by Abinaya Vijayaraghavan and Praveen Pramod Tewari)