Chalgenius has today interviewed Amit Singal investor and co- founder of Startup Buddy which is a one-stop solution offering end-to-end accounting, financial and advisory services using high end technology.
Startup Buddy has made investments in over 25 startups across India. Amit tells us about the future plans of Startup Buddy and what he makes out of the current pandemic and its impact on start-ups.
Here are the excerpts of the interview:
Please tell us something about Startup Buddy? When you launched it and what problems of the start-ups you are trying to solve?
Startup Buddy is one Stop Solution for startups for various support functions like Book-keeping, Payroll, Taxation, IPR, Secretarial and transactions advisors.
I started my career as a CA practice in year 2006 after working with another Delhi based CA firm for 2 years. During my practice, we have signed up some Startups Client in year 2007 and realized that there are gaps in compliance at Startups. Also, the thinking process of the founders is entirely different from big corporate. To bridge the gap we started Startup Buddy in year 2015.
Also, Founders of Startup Buddy have made investment in more than 25 startups till date to boost the startup ecosystem and also recently launched SEBI approved Micro VC Fund.
Since launching, how has been the journey of Startup Buddy as you have impressive list of clientele?
The Journey is good so far. Earlier, Startups were not serious about compliance but there is 360 degree Shift. Even investors are also now very serious about the compliances of that the company in which they are investing. Now there are lots of awareness programs from government which emphasized on the compliance and important of IPR like TradeMark, Patents, Copyright etc. because these are the real assets of the startups and need to be secured.
What are your plans for scaling up?
The very famous product of Startup Buddy is Virtual CFO where no meeting is required with client for book-keeping and compliance. As no face to face meeting required, we are serving clients from all across the country. We are planning to promote this product amongst all start-ups to get benefit.
What is your opinion about the impact of pandemic on start-ups?
There is mix impact of pandemic on various Start-ups. Start-ups in consumer goods, travel, luxury items will see a great hit of this situation. Other should have negligible impact.
Are you going to come up with some special strategy for start-ups?
To help start-ups in difficult time, we are planning to come up with a solution to work at cost with start-up and take some equity to reduce the pressure of expenditure.
Do you think funding might become an issue for early stage start-ups post pandemic?
No, I don’t think that funding will be an issue post pandemic. This is temporary problem as there is liquidity issue during lockdown which should be resolved soon.
Do you think all start-ups might not survive the onslaught of pandemic?
There may be some start-ups which will face difficulty in survival. They should look for consolidation with other start-ups having resources to overcome the situation.
Do you think that pandemic has been a blessing for certain start-ups like those in online learning?
Definitely, every situation brings some opportunity for one and negative impact on others. The quality of good founder is to assess the situation and pivot accordingly if the situation is not favourable for him/ her.
What is an advice you want to give those start-ups at this crucial juncture?
Assess the situation carefully on the business. Preserve the cash as much as possible. Change the business model if that can help in any way. If the start-up is in ideation phase, they will get more time to finalise the business model.
Get in touch!
Startup Buddy website
Keywords: Startup Buddy, Start-ups, Investors, Chalgenius
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