The new solutions launched are in the area of corporate procurement and accounts payable and are aimed at mid to large enterprises
Mumbai: Chennai-based cloud-native FinTech major Intellect Design Arena Ltd., is eyeing $30-30 million or Rs300 crore business by 2027 for its two AI-powered platforms iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange), which it launched in India on Wednesday.
Both products have been developed using eMACH.ai, an innovative open finance platform and will be available to customers as Software as a Service (Saas) with service support by the company.
The platforms apply ‘First Principles’ Thinking along with embedded GenAI from Intellect’s own Purple Fabric AI platform and have been developed incorporating Intellect’s learnings from its experience running the Government e-Marketplace (GeM) for the last six years.
The solutions do not have hard coding and are completely composable, which makes them customisable to any business or vertical. It also means that they can be implemented within six weeks.
Intellect has launched the solutions in India to begin with, and the company which operates in over 40 countries, plans to take them to other markets it operates in across the globe. “The next roadmap is to go to ASEAN (Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam) countries, the Middle East and Africa in six months. And after maybe maturing these, we will launch them in developed countries like US and Europe,” Debanjan Kumar, chief executive officer of Intellect Digital Technology for Commerce (iDTC), Intellect’s newly created business line that will drive these products globally, told IndiaRetailing at the sidelines of the launch.
While the products are applicable for every vertical as procurement and vendor management are key functions in any business, retail features among the top verticals the company is focusing on right now. The company already has products for retail namely iRetail and i6DX, which are ERP and POS solutions being used by over 30 large companies including Kalyan Silks, Home Town, Simpli Namdhari’s, Sizeupp, Ratnadeep Retail, Vishal Mega Mart, Kendriya Bhandar, WH Smith and Llaadro.
While the company will try to complement its existing product offering by cross-selling and upselling the newly launched products, the products can be used independently of its other products.
“Within retail, we have prioritised hypermarkets, fashion, and CDIT,” said Kumar adding that the company is already talking to over 30 companies for iCPX and about 10 for iAPX and that the initial response has been good.
The products are targeted at mid-sized to large enterprises—companies with a turnover of around Rs1000 crore. They are based on a simple pricing model.
“For iCPX, we will charge a percentage of the procurement value. So, for example, if somebody buys Rs 500 crore worth of products, we will take a small percentage of that. For iAPX, we will follow a per invoice pricing model, where the number of invoices processed will be multiplied by a certain amount,” said the CEO.
Further developments for the company include integrating the new platforms into its existing i6DX. “So apart from your internal functions like POS and ERP, customers will be able to also do procurement and payments. That is one area of extension we are thinking of so we will be a one-stop shop.”
