IRIS Business Services Limited, a global fintech company, has signed a Memorandum of Understanding (MoU) with the Government of Telangana to support the growth of the state’s MSME ecosystem. The partnership, announced on September 19, 2024, aims to create and deliver technology-driven solutions for MSMEs.

The shares of IRIS Business Services Limited were trading at flat at ₹290 on the BSE today at 10 AM.

Under the public-private partnership, IRIS will invest in developing solutions and may recover costs through user charges. The Telangana government will provide administrative and policy support, as well as raise awareness of the initiatives.

IRIS CEO S Swaminathan unveiled two immediate initiatives: an MSME dashboard for government officers to monitor businesses across the state, and a multi-lingual Invoice Registry Portal offering free e-invoice generation in Telugu.

The collaboration aligns with Telangana’s goal of becoming a trillion-dollar economy by 2035 by leveraging data sets to benefit the MSME sector. This partnership marks IRIS’s expansion into the data applications business, which the company refers to as its “Consume” segment.

Published on September 19, 2024