Shootih, founded in 2021 as part of the software development company Systango by Vinita Rathi, intends to assist businesses in investing their money in liquid mutual funds and other risk-free investment asset classes. At the moment, the startup’s AUM exceeds Rs 10 crore.
Vinita Rathi, CEO of software development firm Systango, was concerned when she couldn’t discover any solutions that could readily help her triple the idle capital sitting in the company coffers.
She knew there was a way to make money work for her as an ex-Goldman Sachs banker, but solutions for mid-cap companies like hers were few and far between. She realized she wasn’t alone when she spoke with other business owners in her network.
Businesses largely left funds in their accounts idle between payrolls, holiday weekends, and expenses that were still several weeks away.
Even if one was actively looking for ways to invest that money, determining how much money was available to invest, calculating upcoming expenses, and then locating secure instruments to invest it in was a time-consuming, laborious procedure.
Vinita, a financier with a strong interest in financial technology, wanted to employ artificial intelligence to tackle this problem and assist firms like hers in generating returns on idle funds.
Under Systango, she established Shootih, an online investment platform for SMEs, MSMEs, and mid-cap enterprises, in 2021.
The Indore-based startup essentially assists businesses in tracking their finances, sending real-time warnings anytime there is idle cash in their accounts, and assisting them in investing that money in risk-free asset classes such as mutual funds and money market instruments.
The software anticipates extended holiday weekends, large gaps between payrolls and other expenses, and warns firms anytime an investment opportunity arises – even if it is only over the weekend.
Vinita says, “Our objective is to become a one-stop business wealth management platform for SMEs and MSMEs, offering everything from cash flow insights to investment options, access to numerous asset classes for quick and easy investments, and tax-harvesting opportunities.”
So far, the startup has onboarded 11 companies on the platform with whom it is conducting a test project.
It focuses on enterprises in the IT and services industries since they have more cash in circulation, and it now manages Rs 10 crore in investments.
Shootih assists businesses in making better financial decisions based on their cash flows and prospective outflows — and it does so across all of their bank accounts, providing them with a 360-degree perspective of their money.