Entera Global

History

2023: India recognition service launch

Russian entrepreneurs launched sales of Entera Global accounting document recognition service in India. The first users of the product were outsourcing firms that conduct accounting for large companies from around the world. HRlink (Innovations in Human Resources Management) announced this on May 15, 2023.

Founders of Entera Global -, Dmitry Arzhevsky Alexander Semenov, Nikita Krutikov and. Dmitry Makhlin The company is registered UAE in 2022, the head office is located in. Dubai However, the main sales market for the service at this stage will become. India

It took a year and $300 thousand to study the market of the MENA region (Middle East and North Africa) and India. Almost immediately it became clear that in the MENA region and India there is no market for the HRlink personnel EDO service, which was launched in Russia in 2020 by Dmitry Arzhevsky, Alexander Semenov, Alexander Monosov and Anna Korchminskaya. Dmitry Makhlin has joined the HRlink team since being founded as a partner. In 2022, the startup attracted a strategic investor - HeadHunter.

Personnel document management in these countries is simpler and arranged differently - there is no point in automating it, - explained Dmitry Makhlin, partner and development director of HRlink and co-founder of Entera Global. - Therefore, we focused on the international development of the accounting document recognition service Entera Global - large companies from the Arab Emirates immediately showed interest in it. However, the UAE market turned out to be small, we held negotiations with all potential customers in a few months. Many of them outsource accounting to Indian contractors. So we found the main market for Entera Global. "

The volume of the global market for intelligent document processing (The Intelligent Document Processing, IDP) in 2022 amounted to $1.44 billion. According to analysts, it will grow by an average of 30% per year until 2032. At the same time, the highest growth rates are expected in the Asia-Pacific region due to the rapid digital development of India and China.

India's economy is the fifth largest in the world and the fastest growing. In 2022, the country's GDP reached $3.5 trillion. According to Moody's Investors Services, in 2023 the growth rate will be 5.5% - and this is the highest among the G-20 countries. The largest share of India's GDP is in finance and real estate services - about 20%. More than 65 million companies operate in the country - and all of them conduct accounting themselves or attract outsourcing companies.

India is the only country in which Bloomberg estimated the risk of a recession as 0%. For comparison, in the United States it is 65%, in the UK - 75%, in China - 12.5%.

Entera Global - cloud service to automate work with primary documents (accounts, checks, invoices, acts, etc.). The solution is based on artificial intelligence technologies AI (), optical character recognition (OCR) and robotization (). RPA

This is cloudy a solution that does not require implementation and works according to the subscription model. The boxed version of the product is provided integration with the main accounting systems used by Indian companies - Tally, Zoho Books, Xero, QuickBooks. The service can simultaneously recognize an unlimited number of pages with 98% accuracy - this is the highest recognition accuracy on the market. The solution increases the speed of entry data into the accounting system by 3-5 times.

Our solution is already used by several Indian companies, about 100 more customers - at the stage of signing the contract. 80% of them are engaged in accounting outsourcing, - said Dmitry Makhlin. - By the end of the year we plan to attract 300 companies. This is a very real plan, since in India Entera Global does not yet have competitors comparable in functionality. At the same time, the country's market is huge: India is the main global outsourcer, accounting companies from the USA, Canada, Europe, the Middle East. Our main competitor is cheap labor, but we were able to offer an acceptable price for our product for the Indian market.

As of May 2023, there are 15 people from different countries in the Entera Global team. The company plans to double its staff by hiring sales managers in India before the end of the year.

In Russia, the Entera cloud service, on the basis of which a version of the product for the Indian market has been developed, has been operating since 2018. In May 2023, more than 7 thousand companies from the Russian Federation and Eastern Europe use it.