IRIS signs MoU with Government of Telangana

Global fintech IRIS Business Services Limited has announced a collaboration with the Government of Telangana to support growth of the MSME Ecosystem in the state. At a glittering function held yesterday to mark the launch of the MSME policy for the state by Chief Minister Revanth Reddy, IRIS CEO, S Swaminathan, and the state's Special Chief Secretary, Shri Jayesh Ranjan, signed a Memorandum of Understanding detailing the contours of collaboration.

The collaboration will be a public private partnership under the terms of which IRIS will invest to create and deliver technology driven solutions, the costs of which the company may be allowed to recover through the levy of user charges. The role of the government will be to provide appropriate administrative and policy support as required from time to time, and also help in creating awareness of the various initiatives to ensure percolation of the benefits therefrom to as many MSMEs as possible and to the maximum extent possible.

The digitisation of India has thrown up a number of data streams which can benefit MSMEs greatly if such data sets are leveraged optimally. IRIS has identified more than a dozen use cases, each of which is a stand-alone business on its own, says Swaminathan. According to him, Telengana's vision of becoming a trillion dollar economy by the year 2035 is achievable if the power of data sets are harnessed to the full, not just by the government but by industry too.

In his presentation to a packed audience at Shilpa Kala Vedika which included businesses from all over the state and leading Telengana based chambers of commerce, Swaminathan announced the launch of 2 initiatives immediately.

The first is an MSME dashboard for the officers of the Department of MSME to help them monitor the state of firms across the state. Every officer will have access at their finger tips to information about businesses in their respective geographies for which they may have responsibility of oversight. They will know at the click of a button which businesses sought GST registration as recently as yesterday and which businesses had their GST registrations cancelled or suspended as recently as yesterday. "The former is cause for celebration, while the latter cannot be good news for the loss of jobs it could portend and shrinking economic activity," Swaminathan pointed out.

The second initiative is the launch of a multi-lingual Invoice Registry Portal on which MSMEs in Telangana can generate e invoices in Telugu for free. Swaminathan announced that the IRP will provide a whole host of value added services. It may be pertinent to note that at its most recent meeting, the GST council has decided to expand the eInvoice mandate to cover not just B2B transactions but B2C as well.

Explaining how this MoU and the business therefrom will fit into IRIS' existing operations, Swaminathan explained that this marks a serious foray into the data applications business or what the company has been describing as the "Consume" segment until now. "We have already identified several use cases," he added.

Shares of IRIS Business Services Ltd was last trading in BSE at Rs. 290.00 as compared to the previous close of Rs. 289.95. The total number of shares traded during the day was 1864 in over 33 trades.

The stock hit an intraday high of Rs. 291.95 and intraday low of 289.95. The net turnover during the day was Rs. 541796.00.

Source : Equity Bulls

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IRISBusinessServices INE864K01010 Collaboration GovernmentofTelangana