Recordent creates India’s first credit bureau for F&B industry
Hyderabad: Hyderabad-based Recordent, a credit and payment reporting fintech platform in the non-banking sector, formed a strategic partnership with the Food Service Distributors Association (FSDA) to bring access to comprehensive credit & data reports to the FSDA members through its SaaS-based platform. FSDA India is a Trade Association of Distributors & Wholesalers supplying to the […]
Hyderabad: Hyderabad-based Recordent, a credit and payment reporting fintech platform in the non-banking sector, formed a strategic partnership with the Food Service Distributors Association (FSDA) to bring access to comprehensive credit & data reports to the FSDA members through its SaaS-based platform.
FSDA India is a Trade Association of Distributors & Wholesalers supplying to the Food Service industry. The alliance between FSDA and Recordent may help businesses know credit behaviour of a potential customer before they offer credit against goods and services.
Any credit-impaired business is more likely to indulge in fraud than the financially disciplined one. Businesses can make better credit decisions by consent based comprehensive credit reports of potential customers. This initiative is expected to help in strengthening internal controls of the F&B industry, along with international standards.
Winny Patro, CEO and co-founder, Recordent, said, “The entire F&B industry faced an exaggerated delay in payments and cash flow during the pandemic. This created the need to build a data network with credit profiling to create more transparency between members and help them take the right steps.”
Through this partnership, businesses will have a capability to reduce their overall risk, resulting in financial losses creating fluctuation in business growth. This will encourage customers to maintain a good payment history to avail credit for obtaining goods and services from businesses in the future.
Keyur Bhatia, president, FSDA said, “This is a huge step for us, as the Association with Recordent is building India’s first and our own credit bureau for the F&B industry. This was the need of the hour. This effort shall build good credit awareness & promote good credit culture among the borrowers over time.”
Recordent is closely working with over 50 SME industry associations and plans to continue establishing partnerships to add value to the association members in their credit management practices by improving collections and reducing credit risk. Along with FSDA India, Recordent has recently engaged in tie-ups with Bombay Industries Association and Taloja Industries too.
Last month, Recordent raised $400,000 (over Rs 3 crore) in angel funding from the Family Office of Kantamaneni and IIM Calcutta Innovation Park and other angel investors from India and the US. The funds will be utilised for the development of its technology platform and customer acquisition.
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