Indiamart, India’s largest online B2B market place for business products and services. The channel focuses on providing a B2B platform to Small & Medium Enterprises (SMEs), Large Enterprises and Individuals.
Indiamart group has 6 legal entities: Indiamart Intermesh Ltd. - a listed company and 5 wholly-owned subsidiaries. With listing, group intends to expands organically and inorganically.
INDIAMART GROUP COMPANIES
Indiamart decided to implement Compliance Solution when they were in process of coming up with an IPO as it opens up lot many challenges in corporate governance and company has to strengthen the structure both from SEBI as well as Director’s perspective. The challenges Indiamart anticipated
Having experience and seasoned Legal team who have in their previous experience worked with most of the Compliance Technology providers in India; the challenges experienced in such implementations were known. After thorough evaluation of 10 service providers options; Indiamart chose to implement following solutions from Lawrbit
Business Understanding – Implementation team shared a detailed questionnaire with client covering company type, business operations, functions, products, services, locations etc. to help identify the applicable laws. Taken inputs from departments, functions and location SPOCs.
Basis inputs from client, implementation team shared list of acts applicable on the organization covering all aspects of business, locations for which solution needed to be implemented.
Client’s SPOCs shared responsibility, authority & escalation matrix for each compliance and corporate event activated in the GCMS. Performer >> Approver >> Group Owner
Application hosted on AWS server and dedicated instance was created for the client. Basis information gathered implementation team configured the master data of users, locations, functions, responsibility matrix for the compliance finalized . The user activation done through a secured link provided & users were supported for their account activation by support team.
MANOJ BHARGAVA (Sr. Vice President - Legal & Secretarial), Indiamart
Bringing cultural change in a group spanned across 6 legal entities, 85+ offices in 15 states, 100s of users is not easy without clear vision, consistent approach and agility to manoeuvre; Lawrbit implementation had it all in them.
Having worked on many compliance and litigation solutions in past, what I liked is their easy user interface, seamless integration with Regulatory Intelligence & real time updates, analytical dashboards for the management.
The holistic approach of Lawrbit’s GCMS towards compliance; bucketing them in types, categories gives a comfort to the management that we have control on every obligation across the group.
THOMAS P. JOSHUA (Asst Vice President - Legal & Secretarial), Indiamart
We were in process of listing Indiamart when we on-boarded Lawrbit. The team worked hard to meet deadlines even when we had lesser bandwidth.
The details provided for each obligation, event based compliance, integrated Ticket Centre, Real time regulatory updates, Risk based approach and colour coding for each risks are their USPs.
We’ve provided many feedbacks to Lawrbit’s legal & tech teams; they’ve been open, responsive and included our asks as part of their upgrades. The team is approachable, Customer centric, knows and adheres to their TATs always.