Mynd Solutions Pvt Ltd wins in Star SME Services (Small) category
Sunny Sen April 10, 2013They had not even intended to start a business process outsourcing firm. When they began Mynd Solutions in 2003, Sundeep Mohindru and Vivek Misra, both with finance backgrounds, had a finance and human resource advisory company in mind. But by 2005 they found they needed to put in place a few automated processes to help them advise their clients better.
These processes gradually grew to subsume their advisory function. "Over a period we have created standard solutions, which have both vertical and horizontal focus," says Mohindru. By 'vertical' he means sectors, while 'horizontal' refers to functions within every organisation.
Mynd Solutions concentrates on telecom, retail, manufacturing and infrastructure sectors, devising solutions for their finance and human resource divisions.
The company was started in Mohindru's apartment home, with an investment of just Rs 10 lakh. Mohindru and Misra estimate their turnover at Rs 50 crore in 2012/13 and expect to touch Rs 60 crore in 2013/14. The company has so far devised 25 processes, starting from four in 2005. "We work on the multitenant model," says Misra. This in turn means the processes are not client-specific. Once prepared, they are hosted on the cloud and can be used by multiple clients by making relevant adjustments.
Mynd Solutions has garnered 140 clients so far, among them the country's biggest e-tailer, Flipkart, whose entire delivery expenses it manages. The process it built for Flipkart is now being implemented in a number of other retail companies.
The founders believe their future success will depend on keeping their processes relevant, for which analytics offers the greatest potential.