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Outsource your headache!
Picture this. Is been your long cherished dream to start your
own venture. Then you make a quick checklist of all those activities that you
need to do before you take the entrepreneurial plunge - make a business strategy,
incorporate a company, get registrations, secure start-up finance, set up your
office etc. Just the thought of doing all these activities on your own may be
enough to make a U-turn on the road to entrepreneurship - and justifiably so.
However, help is at hand. Its in the form of a Pune based Management and Financial
Consulting company – ITLogy FPO Services Pvt. Ltd. Now, all you need to
get your business plan off the ground is the desire to win. The nitty-gritty
can be left to these experts who will structure your plan, register your business,
arrange capital, find an office for you, set up systems and also maintain your
accounts. Theirs is an example of adding value to their core business and then
bringing the value-adding activity to the core.
People behind ITLogy
Since early nineties, Prajakta Ambekar, a Chartered Accountant was offering
an array of services in Project Finance domain. The driving force behind choosing
this area of specialisation was the keen desire to see entrepreneurial ideas
getting converted into reality. She also offered all the allied services like
incorporation of companies, securing various registrations, setting up finance
systems etc.
A case in point is Synechron Technologies Pvt. Ltd. Mrs. Ambekar assisted three
young Synechron promoters to give life to their entrepreneurial aspirations
by providing all the advisory services from structuring the business to outsourcing
their accounting and finance function. Considering the exponential growth in
their business in a short span of time, she helped them to raise the second
round of funds in the current year. In a short span of four years, Synechron
has evolved from a 5 person startup to a 300 plus employees company with offices
and India, US and UK. Tanveer Saulat, Co-founder and Chief People Officer of
Synechron says: “What differentiates ITLogy is their high level of financial
expertise combined with a peronalised service delivery model.
The single window planning-to-execution model
of ITLogy means that I don’t spend my time chasing a host of
consultants. They truly live their motto of being ‘Your Extended
Office’. ITLogy’s team of in-house professionals and associates
not only keeps me updated on the numerous benefits and exemptions
available under various Government schemes, but also liasioning
with the Authorities to actually get those exemptions. Savings millions
of rupees is now a matter of taking the critical decisions involved
and signing a few forms! ITLogy does the rest ” He should know
best, as Synechron has burst into the charts by ranking 184th in
the listing of Data Quest Top 200 IT companies in India in just
4 years of existence.
These and many other such successful enterprises had made
Ambekar a familiar name in the world of finance. Taking into the account the
need for professional services in the areas of formation and expansion of companies,
she was looking for a partner who would be able to drive the consulting and
financing business.
This was the time when she had a chance meeting with another young aspiring
Chartered Accountant - Vinit Deo. Having worked in organisations like Bennett,
Coleman & Co. Ltd, (the owners of The Times of India Group) and the Geometric
Software Solutions Co. Ltd., Deo had the requisite experience in the areas of
financial management, MIS and financial analysis, regulatory issues of IT companies
etc. and shared Ambekar’s vision of starting an organisation to help entrepreneurs
succeed in their businesses.
Thus, ITLogy FPO Services Pvt. Ltd. was born with Ambekar as its Chairperson
and Deo as the Chief Executive Officer. Asked to explain why they choose the
term FPO instead of the standard BPO, Deo explains that they wanted to focus
on their combined core competencies of finance and management. Thus Financial
Process Outsourcing or FPO seemed to be the right nomenclature to their business.
The core service areas of ITLogy remain – Project Finance (both debt and
equity), Management Consulting and Financial Outsourcing.
Also, they took a policy decision that they would not only help start-ups but
would also support existing enterprises with ambitious growth and expansion
plans. These companies need critical services like streamlining their processes
and systems, reducing cost of capital, financial restructuring, legal due diligence,
availing benefits and exemptions etc.
The ITLogy Service edge
ITLogy’s Chief Executive Officer Vinit Deo sums up what his Company stands
for in a nut shell “It is the parallel of the Build-Operate-Transfer model
in the infrastructure sector. We set up the Company on a turn key basis, raise
the finance in the form of debt, equity or venture capital, run its financial
operations and once the processes mature, we hand them over to the internal
managers. Actually, we don’t want to restrict our activities to handholding
of the entrepreneurs in the formation stage. We will do it on a completely outsourced
basis forever, leaving the owners entirely free for business development and
delivery.”
The birth of NEST
This experience has provoked Ambekar and Deo to germinate a new division –
New Entrepreneur Support Team(NEST) whose mission statement reads “Converting
brilliant ideas into successful enterprises”. In short NEST is manages
the financial, legal, accounting and secretarial of the client and lets them
focus on core activities.
The Way ahead
ITLogy will work on Collaboration model by creation of Business Partners in
the emerging IT hubs of India. The partners would be professionals like Chartered
Accountants, Cost Accountants, Company Secretaries, Management and Financial
Consultants etc. Fully in saddles as far as new enterprises being set up in
Pune, ITlogy is looking beyond. Ambekar says plans are already firmed for having
presence in Mumbai and Goa and India’s Silicon City, Bangalore, is next
on cards.
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