Pune-based fintech company Vayana Network has acquired SahiGST, a startup offering cloud-based GST return filing and compliance solutions, to enhance its portfolio offerings in the GST and E-Way Bill space.
SahiGST will enhance the service offerings for Vayana’s customers while keeping the existing features of the products and license the same. Post-acquisition, SahiGST will be held as a portfolio product of Vayana GSP and its existing clients will be serviced seamlessly with support from Vayana GSP.
Also, the acquisition will provide linear business integration for Vayana by including SahiGST into its GST and E-Way bill compliance related offerings.
Commenting on the development, R N Iyer, Founder and CEO of Vayana Network, said, “With this acquisition, we intend to get closer to our existing customers by providing an end-to-end solution related to GST and E-Way bill compliance as well as short-term trade financing.”
Founded in 2016 by Dinesh Tejwani, Annkur Agarwal, Dhruv Patel, Tirthesh Ganatra and Keyur Shah, SahiGST enables submission of GST returns to GSTN via APIs for its customers.
The software solution of SahiGST is used by Chartered Accountants (CAs), Corporates and Small & Medium Enterprises (SMEs) in India. Tirthesh Ganatra joins Vayana post this acquisition.
On the acquisition, Annkur P Agarwal, Co-founder, SahiGST said, “It has been an incredible journey building SahiGST and serving the Indian business community. Joining hands with Vayana Network will take this work to new heights. I am confident that SahiGST and Vayana together present by far the best GST filing solution in the market today.”
Vayana GSP is an authorised GSP serving over 500 large corporates and FIs and has a partner network of other ASPs with over 150,000 SMEs routing their API traffic through the company. Vayana GSP ensures uninterrupted access to GSTN through its highly available, scalable and secure GSP.
Some of the other players enabling GST returns are LegalRaasta, ClearTax, etc. In February, ClearTax also introduced ClearTax EWayBill, built to integrate with any ERP system; it aims to ease e-way bill compliance for businesses.
In April, the centre made e-way bill (EWS) mandatory for the transporters carrying goods worth of over $770 (INR 50K) from one state to the other. The e-way bill that was initially planned to roll out on February 1, 2018, was introduced on April 1, citing technical glitches.
As the GST compliances get stricter and more elaborate, the acquisition of fintech player Vayana with SahiGST will help Vayana to encash the opportunities pertaining to GST return filing.
Update: May 7, 2018, 13:15
The story has been updated to include Vayana GSP as the company partnering with SahiGST. Earlier, the story said that Vayana Network will be working with SahiGST.