I am Vinay Murthy, Director- IT Staffing at Antal Infotech. Ever since my first assignment with Infosys, over the last ten years, I have been in the space of “Discovering Talent”. Over time I had accumulated significant expertise in the recruitment space. It was my dream to create a one stop shop for IT technical talent. I set out to do the same with my partners, Joseph Devasia and Tony Goodwin by setting up Antal Infotech Pvt Ltd at the Silicon Valley of India, Bangalore. We currently operate out of our beautiful office at 80 Ft Road, 4th Block, Koramangala.
The HR solutions dream
We are an integral part of Antal International, UK a global leader in Search, Staffing and RPO. We help IT Product & Captive Companies in India get the best talent and are experts in SMAC (Social, Mobile, Analytics and Cloud) staffing. In India, most recruiters are faced with the crisis of hiring the right talent with the number of graduates especially from IT related courses being extremely high. But most of these graduates are not equipped with niche capabilities. We had to make sure we invested in the best and latest recruitment technology to ensure the best talent. We needed mechanisms in place to validate their claims of technical expertise and perform quality assurance tests to ensure an excellent pool of candidates.
Many small organisations whether start-ups or franchisees end up being crippled by large business loans or financial confusion. In a hurry to scale up, a lot of decisions are made in haste with the wrong advice. It is important to invest in long term value instead of scaling up too fast with heavy investments that you may not be able to pay back in the future.
The need for working capital
We decided to make an additional spend of 50L in state-of-the-art technology for applicant tracking systems and advanced analytics. It was important we stood apart in the rapidly growing RPO (Recruitment Process Outsourcing) business. However, with the recent trends of tensions in companies with payment issues between contract and permanent employees the Government was imposing severe restrictions on the cash reserves we needed to maintain our existing set of candidates.
Bill discounting in Bangalore
The search for finance and finance companies
We had started receiving substantial RPO orders and had to continue recruiting people as well as invest in the technology. However, payment was also dependent on the satisfaction of our clients with the talent we offered. We desperately needed financing at this stage and it had to be somehow associated with the client payments. We approached several finance companies in Koramangala for advice. However, each one had a different approach. Based on our research and the most popular advice we received we had almost decided on taking a bill discounting loan. But this would mean that we had to get an attractive interest rate that would seem appealing to our clients as well.
Easy online enquiries and service for bill discounting
I was filling out forms with multiple vendors to no avail when I happened to log onto the MarketFinance India platform and filled out a loan request form. You only need to fill in a few details like the loan amount desired and how old the company is and they instantly reach out to you. The personnel discuss all your concerns with you before coming up with the best deals in the industry. They also aggressively pursue your interests. For example, in our case, they repeatedly negotiated to bring down the interest rate to 1.7% flat for 30 days. It cannot get more attractive for SMEs like Antal.
Fast disbursal of funds from invoices discounted
We were in a situation where we had to surge ahead and differentiate ourselves amongst competition with the additional and improved services we offered. We needed quick disbursal of the funds so we could go ahead with operations. MarketFinance India helped with every aspect of the loan from meeting and writing proposals and preparing documents for the investors to the very disbursal of the amount. Our relationship with the investors was beautifully handled, and we maintain a healthy relationship with them. In fact, they have developed an interest in the services we offer and have recommended us to their contacts.
We approached several finance companies in Koramangala for advice. However, each one had a different approach. Based on our research and the most popular advice we received we had almost decided on taking a bill discounting loan.
Our clients started experiencing the competitive advantage we could offer with better talent investments and our RPO orders grew. We could invest ourselves in developing our capabilities for SMAC. Today our CoE model ensures our clients the best-hit ratio with pre-tech evaluated candidates. We also train our candidates in their professional culture and ethics.
Thorough and timely financial advice
Many small organisations whether start-ups or franchisees end up being crippled by large business loans or financial confusion. In a hurry to scale up, a lot of decisions are made in haste with the wrong advice. It is important to invest in long term value instead of scaling up too fast with heavy investments that you may not be able to pay back in the future. Thorough and timely financial advice from a trustworthy source is invaluable. You also need to be able to assess all the options you have before deciding. MarketFinance India acted almost like a personal finance adviser. The three of us couldn’t be more grateful.