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C2FO launches fintech solutions for pharma cos towards beefing up drug supply chain and boosting working capital
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Shardul Nautiyal, Mumbai
July 24 , 2020
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To make Indian pharma manufacturers beef up their drug supply chain, C2FO, the world’s largest marketplace for working capital, has come out with a suite of fintech solutions for the Indian pharmaceutical sector.
This is also aimed at making pharmaceutical companies focus on key strategic goal of sourcing and procurement of products to boost their working capital. C2FO is an award-winning financial technology company that enables corporates to take control of their working capital and manage their Accounts Payable (AP) and Accounts Receivable (AR) more efficiently. It offers a single front-end technology platform backed by balance sheet-friendly financing support from C2FO’s multiple funding partners.
Some of C2FO’s clients in India, including CIPLA Ltd, were recognized at the Asia and global forums for adopting the C2FO technology initiative in their supply chains. While traditional financing channels like banks provide some liquidity support to the pharma supply chains, they are usually limited by their credit appetite and regulatory requirements of KYC and documentations. A high growth industry like pharma requires newer technologies like C2FO to scale their financing strategy rapidly.
Ravi Tanniru, senior vice president, Enterprise Sales India, C2FO said, “The Indian pharma sector will need innovative and time-tested technologies like C2FO to complement their ongoing initiatives in driving supply chain health and sustainability. Having speedy and on demand access to cash flow is like a vitamin supplement that can improve the long term financial well-being of a pharma company and its vendor partners. C2FO can provide multiple financing alternatives to Indian pharma companies, both on their AR and AP sides of working capital cycle.”
C2FO has enabled working capital flows of more than $100 billion (USD) through its digital network and works with more than 210 leading companies, including 116 of the Global Fortune 500 names.
In India, C2FO works with more than 100 leading corporates, including some of India’s top pharma companies. These corporates are using the C2FO platform to provide on-demand and affordable access to liquidity to their vendor partners. At the same time, C2FO solutions bring efficiencies in a company’s treasury and payment processes to drive cost optimization and improved operating margins. The programme does not require KYC or other documentation while it addresses the cash flow needs of a diversified vendor base of a typical pharma company.
C2FO’s secure software platform is compliant to international gold standards in data security and confidentiality. The program is totally automated and requires no additional effort or headcount for the corporates to manage.
Globally, India is the largest provider of generic drugs. The Indian pharmaceutical sector is expected to grow to $100 billion (USD) by 2025 and there is an immense opportunity to leverage on its low-price, high-volume factor. The high growth of the Indian pharma industry requires companies to adopt financing strategies that will support the dynamic financing needs of their supply chains.
C2FO is working to build a future where companies worldwide have the capital needed to grow. In 2019, C2FO acquired Priority Vendor, India’s largest digital supply chain financing platform. Since that time, India has emerged as the fastest-growing market for C2FO. In the last four years, C2FO has experienced greater than 300% year-over-year increases in adoption rates from businesses in India and expects that this growth rate will continue over the next five years. Since its first transactions in 2010, C2FO has today grown to match more than $1 trillion (~INR 75 lakh crores) of accounts receivable and accounts payable globally.
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