This start-up is set to revolutionize the process and accuracy of audit procedures
Infilytics is an analytical startup developing solutions to automate audit processes as we firmly believe that today’s auditing methods will not make it to the future. We are empowering organizations in managing their risks in an accurate, comprehensive and time bound manner.
They are on a mission to reduce the audit duration from 3 months to mere 30 seconds. The idea was to automate audit in such a way that it reduces workload of auditors, help management to continuously monitor their controls and ensure 100% transactions are audited in place of sample transactions. They transformed this concept into a business by designing a tech platform which is user friendly, completely automated, and easily ingest data from multiple ERP systems and data warehouses.
Palak Vasa, Founder & CEO, is a qualified chartered accountant by profession. Palak is passionate, hard-working and a key strategist. Post completing Chartered Accountancy, he worked with ITC Limited for 5 years where he audited numerous business of ITC right from Tobacco, FMCG, Hotels, Paper, Agri and Info Tech. In 39 months of his audit experience at ITC, Palak travelled 50,000 Kms to 24 cities, 11 States and 2 union territories and met 150+ people. This is where the idea of iAudit generated.
He realized that majority of audit work can be automated. He understood audit processes carried out by his peers working at various Multinational Companies/ Conglomerates operating in India and realized the audit process adopted is similar across the board. Post that he interacted with Mansi to understand how audit is being carried out at Big 4’s.
Mansi Jain, Co-founder & COO, is also a qualified chartered accountant. Mansi is hard working, intelligent and master of data analytics. Post completing Chartered Accountancy, she worked with EY & Deloitte for 5 years in internal audit profile. She happened to audit some of the biggest brands in telecom sector like Idea, Vodafone and Tata Telecom. She brings in lot of experience in terms of how Big4’s carries out audit.
Smit Parsania, Co-founder & CTO, is a computer science graduate (BTech & MTech) from IIT Roorkee and worked with Flipkart for 4 years as senior software developer. Although Smit has not been an auditor himself, but he has been on the other side of the table and explained lot of business processes to audit team of Flipkart.
As auditors they experienced various challenges first hand and realised that with current tools it’s very difficult to provide quality audit assurance. This strengthened our belief that today’s auditing methods will not make it to the future. Further, they had that conviction that their team is best suited to solve this archaic problem of manual audits. Hence, they all three resigned from their illustrious and high paying jobs and started on the journey of iAudit.
As of now the company is completely bootstrapped with INR 20 Lakhs infusion from Government of Gujarat. They are focusing towards making iAudit synonym with the word Audit in the Industry i.e., when users think of audit, they think of iAudit. iAudit is a one stop solution combining best aspects of data analytics, OCR, data mining and RPA application in a single platform.
The start-up ecosystem has grown and matured especially in the last 3-4 years where there are many venture capital firms, angel networks, angel investors and advisors entering the space. Mansi believes this is the right time to be part of this community. In terms of assistance, Infilytics have been clear beneficiaries of this where they received Government Grant from Gujarat Government within 3 months from applying and had a flawless and very professional experience.
She feels the most promising startup sectors in India are HealthTech, FinTech, B2B SaaS, AgriTech and FoodTech. Her advice for young entrepreneurs and start-ups is a 4-pointer:
- Market – The problem you are trying to solve should have large market.
- Team – The founding team has the right expertise and experience.
- Product Market Fit – Try to create a low-cost prototype and focus on achieving it.
- Business fundamentals – Ensure basic business fundamentals like 60-70% gross margins.
“Our decision to quit high paying jobs and take a leap of faith into startup was one of the most fulfilling and rewarding decision. And we encourage all passionate individuals to believe that they can change the world with their idea and innovation and to take this leap of faith,” concludes Mansi.
You can check out Infilytics Intelligent Audit at: Infilytics Intelligent Audit