For many years, Indian software companies have been selling their services abroad. A new generation of tech businesses that provide financial institutions with regulatory services are jumping on board. Companies offering online identity verification including Signzy, EMudhra, and IDfy are searching for business prospects throughout the Middle East, Southeast Asia, and even the Americas. IDfy is a provider of digital identity verification services.
Other software-led fintechs are also looking outside of India, in addition to these businesses who are frequently grouped together under the umbrella term "regtech," or tech companies engaging in the regulatory arena. The debt-collection platform Spocto, owned by the unicorn fintech company Yubi, has started doing business in Dubai.
“We have already established strong partnerships with several leading banks in the UAE. We are currently in advanced stages of negotiation to onboard several other banks, insurance firms and telecom companies in the UAE and the broader GCC (Gulf Cooperation Council) region,” a Yubi spokesperson said.
While many Indian businesses have the resources to reach these countries and the contacts to sell their goods, sales and customer service are very different animals.
“There is an appreciation for the technical capabilities of Indian companies. There is willingness to spend for tech enhancements, but selling to these companies is not easy. The local regulatory requirements are different, so is the procurement process. which need to be kept in mind,” said Asutosh Upadhyay, cofounder at Fortytwo.vc, an early-stage investment firm. Upadhyay invests in Indian founders who are building software products for the global market.
Startups that enter these industries need to settle in, stay committed, and make long-term plans, he said. Otherwise, he thinks, the founder would have a poor experience and a lot of investment money will have been wasted.
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