PrimaDollar’s platform works to connect importers, exporters, local banks, logistics providers and funders, the report says. Then the international supply chain is managed by the importer through one process, no matter how the goods are moved or where they’re coming from.
And because of that, the report says, the import supply chain can move onto standard open account terms, with Indian banks or international partners working on funding to make sure exporters are paid at shipment while importers pay later.
PrimaDollar India CEO Swati Babel cited the fact that the top 100 Indian importers bring in around $30 billion a year, saying PrimaDollar was estimating savings for that sector to be at least $50 million.
The PrimaDollar platform will aid Indian companies in becoming more competitive locally and internationally through reduced input costs for material and components needed for the development and manufacturing of goods.
The platform will let the corporate importer take control over the way the payments are disbursed and handled.
PrimaDollar, which has already launched in the U.K. and European markets, has adjusted its platform to fit with the unique regulations, customs and practices of Indian banks and the country’s foreign exchange control regime, the report says.
India’s market of food and grocery stores could be a target for modernization. The market there is different than in the U.S., PYMNTS writes, as local mom and pop stores navigate fragmented channels to try and get what they need. Ashish Jhina, co-founder and chief operating officer of B2B eCommerce platform Jumbotail, said the challenge would come in digitizing a largely cash-based, small-business-centric economy.
He said Jumbotail’s effort included a new digital eCommerce portal which the businesses can use to digitize operations.