Our Conversation With The Founder Of Vaave

About Paresh & his company

Helping educational institutions & companies leverage the power of their alumni. Paresh is an engineer and started Vaave straight after college! He is "Dreaming" - In Daylight!

About the company

1. Team Size - 68

2. Funding - 25L INR

3. Location - Hyderaba

4. Holding Structure - Indian Entity

Top problems in Finance & Compliance

• Consultants don't advise on Structuring of transactions, had to figure it on their own!

• CA is not pro-active, eg:

• Did not know that something called a FIRC existed, especially when funds were received through PayPal
• Did not know that the Equalisation levy was applicable to Capttera subscriptions!
• Constant Late Fees and penalties, despite sending data on time - need lot of follow-ups

• No proper advocates or lawyers who can advise on terms of Agreement.

Time Spent

His co-founder (Jaipal Reddy) takes care of the Finance function and spends a good chunk of his time Coordinating with the vendor & Internal Finance team!

How does the current setup look like?

In house Finance Team for most things! Few of them like TDS filings - Outsourced

Using QB right now, will move to Zoho

Everything else

• Initially started with Partnership firm, rather converted to Pvt Ltd

• Books were not maintained properly in the initial years, but ever since they received funding, they have been compliant.

• Expense optimisation is rarely an issue, focus is on growing sales!

• Helping with ESOPs is a good entry point to get into Startups!

• Would always love to keep Invoicing & AR in-house! (Not outsource) . Control is important there!

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