Empowering Businesses with Data
The task of building an exhaustive data architecture to process business information is being accomplished by ambitious startups like Finanvo. Co-founded by Prabhat Somani and Ravi Somani, under the aegis of their company, Technowire Data Science Limited, Finanvo has emerged as a definitive repository of organizational and financial information, contributing to the ‘availability of data to the last mile’, as Rajiv Somani puts it.
While Finanvo has dealt with the complexity of building a data architecture to house business information of more than 4.3 million entities, it has received invaluable help as member of FIRST WINGS, IDFC FIRST Bank’s dedicated startup banking program. By providing a steady financial structure to the organization, IDFC FIRST Bank has allowed Finanvo to pursue its ambitious goal of building a stratified data stack that lets users leverage essential information for lead generation, verification, and due diligence.
The Role of IDFC FIRST Bank
This pursuit is rooted in Ravi Somani’s passion for IT and data analytics. A chartered accountant by training, he brings rigour and structure to Finanvo’s collation and presentation of corporate data, which includes key details like tax information, legal cases, EPF profiles, and directors’ information. It serves Finanvo’s growing user base via a seamless web interface, which sorts and organizes data to provide a holistic view of businesses and access to key indicators of their performance, as per user requirement. The result is a data set that is attuned to the needs of the salesperson on the street, who can use it to better navigate the B2B or B2C marketplace they operate in.
The future of Finanvo is all about scale, as the number of incorporated businesses grow, and more essential data makes its way to the firm’s online database. As Finanvo grows, so will the importance of diversified product support in online banking and offline banking offered by IDFC FIRST Bank. “It helps conserve founder bandwidth to have a banking partner with a modern web solution and great understanding of a startup’s needs”, says Ravi Somani, capturing the significance of IDFC FIRST Bank’s role in establishing a new paradigm of customized financial management for startups.
Shaping India’s Data Economy
Finanvo’s success is proof of a growing need for innovative services to help streamline and shape India’s booming data economy. But such innovations can’t emerge in isolation. They are shaped by the contributions of various stakeholders within the ecosystem, who help inspire, support, and realize the potential of such innovations. Therefore, the rise of Finanvo also bears testament to the enduring power of a vibrant startup ecosystem, supported by able partners like IDFC FIRST Bank, that help ambitious ideas take flight.
