More than often a great idea may not be backed by a great monetisation policy, but when we talk about business a great revenue model is more than important. This is precisely what Bengaluru based BluSynergy is working towards, by changing the way organizations bill and collect dues from their customers/stakeholders. The company was founded by Mridhul Prakash and Sunny Thandassery in 2014. BluSynergy is a cloud based, billing, notification and payment collection system that helps organizations enhances revenue management, by providing various types permutations and combinations of billing; and reduce the order to cash cycle by providing convenient online and offline payment acceptance mechanisms.
The founders of BluSynergy initially worked on a B2C business model targeting the large potential in the general insurance space. After quickly realizing that the regulators would play a huge role in controlling how the operations would work, they decided against the space. The founders concluded that it would help to offer these companies the ability to create, test and deploy pricing models in a short time frame, which would not only be simple to use but also help them build money.
This group of people believe in what they are doing to help companies improve their operations with BluSynergy product/service. Mridhul has an undergrad in Computer Science from Bangalore University and an MBA in Finance from Wright State University in Ohio. After his MBA he worked for the likes of Deloitte and Telamon Corporation in the US for almost 10 years. Post that he returned back to India as head of India operations of Ohio based Strategix Inc. Sunny has an undergrad in Electronics and Communications and an MS from University of Houston and has been working in the US for various financial services and billing companies since 1994. He is an expert at various technologies and most notably in creating scalable technology platforms that support millions of users.
BluSynergy takes pride in being the first and only Indian company that provides end to end – billing, notification and payment collection services. Talking to Knowtsartup.com, Mridhul says-
“We are the ONLY company in India that is payment agnostic – where customers can pay for their services using not only credit/debit/netbanking but also cash/DD/Cheque at a branch (of specific bank) anywhere in the country and get a receipt of that payment from the merchant/vendor instantly.”
This is accomplished by integrating with the core banking system of the banks and utilizing a “maker-checker” model in the branch, offering customers the ability to pay from over 60 banks. BluSynergy gives a lot of flexibility to end users as well as businesses. In October 2015, billing volume touched the monthly figure of Rs.10 Crore generating tens of thousands of invoices. BluSynergy now plans to expand their foot print in other cities in India and also work on enhancing their product suite and provide a great product that adds significant value to the customers.