Remunance
A ‘true-blue’ companion for foreign companies to setup business in India
THE COMPANY AT A GLANCE
Remunance Systems began its entrepreneurial excursion 16 years ago as an industry pioneer offering business solutions to international SMEs, helping them establish their ventures in the Indian market. Its innovative business model is aligned to assist foreign SMEs through a quick, cost-effective & secure entry into India and it has already supported more than 25 companies with its revolutionary offering called Indcubate (Indian Incubation).
Indcubate is a unique basket of tailor made offerings using which, foreign companies can build their Indian team and begin their respective operations. It includes services such as staffing & recruitment, HR & admin and a credible infrastructure for back-end office support which enables companies to allocate maximum time and energy to expanding their core business. Remunance also functions as a PEO (Professional Employment Organization), enabling several offshore enterprises to expand their businesses to India in a matter of days and with minimal financial risk.
In its previous avatar, Remunance was well-reckoned across India for its on-time and accurate payroll processing service called MakeMySalary.com. Its unparalleled payroll solutions caught the attention of the American giant ADP, who acquired this business vertical from Remunance in Nov 2019. Achieving this milestone was a testament to the team’s incessant hard work and dedication which propelled it further to start engaging with foreign companies seeking international market expansion and building a robust platform for their entry into India.
THE INCEPTION STORY
India holds a very positive reputation amidst the international media today. ‘One of the fastest-growing economies’, ‘a large talent pool’ and ‘a steadily growing market’ are phrases being frequently used to describe its growing markets. Consequently, enterprises across the globe are aspiring to leverage the Indian talent pool in their quest to expand their businesses to India. However, while the country thrives with exemplary business opportunities, there also exists a fair amount of scepticism about actually performing business operations in India.
Although the Government of India has debilitated bureaucratic obstacles to a large extent, cultural nuances remain a major concern for overseas businesses. Remunance has successfully managed to convert these challenges into business opportunities by creating a unique business model with a distinct approach to gain the trust of foreign enterprises wanting to foray into India and by providing end-to-end assistance to them at every step of this journey. Remunance supports foreign SMBs in hiring a dedicated team in India, building a suitable infrastructure, connecting with the local ecosystem, building a compatible work culture and by taking over all non-core business activities, so that the parent company can focus all its energy on expanding its core business.
VALUES ENRICHED WITH VIRTUE
Mr. Rajendra views transparency and trust to be the cornerstones of the company which always prioritizes these core values while interacting with clients and while performing on-ground operations. Since the clientele is scattered across the globe and face to face interaction is almost impossible in these times, maintaining absolute transparency in the functioning of the company is crucial for gaining and maintaining trust.
“Since many executives at our clients’ end have never visited India or interacted with Indians, as such, we believe it is extremely essential to ensure transparency in every step of the process and build trust through proactive and timely interactions” quotes Mr. Rajendra.
Unwavering adherence to these core values has helped the company achieve thumping success and worldwide recognition which is evident from the feedback received from one of the customers that ‘Remunance was nothing short of God sent for us, liaising with us and our team and advising us on the best course of action to take in order to operate efficiently, within the law, and to the benefit of our employees.’.
WHAT MAKES REMUNANCE A PREFERRED PEO PARTNER FOR FOREIGN COMPANIES COMING TO INDIA?
A Professional Employer Organization (PEO) or sometimes referred as Employer of Record (EOR) is a relatively recent addition to Remunance’s service offerings whereby it assures end-to-end assistance to foreign companies. Availing the services of an Indian PEO helps overseas companies quickly start their India operations without substantial capital investment.
Expertise in payroll and compliances coupled with its employee centric way of working makes Remunance an obvious and preferred choice for PEO services in India. In fact, keeping in sync with the ‘new-normal’ which has emphasized the work-from-home business model across the globe, Remunance is also helping its clients coordinate with the Indian teams while they work from home, thereby creating a seamless workflow.
“In short, Remunance offers a secured parachute landing to foreign companies in the Indian business world to help conquer the chaos,” says Ms. Ranjana.
BEING SUBSTANTIVE TO STARTUPS PLACED GLOBALLY
Remunance reckons the fact that for a budding startup, a reliable and dedicated team is its biggest strength. From conceptualization to streamlined execution, everything relies upon the team’s commitment and efforts. It acknowledges the fact that venture capitalists invest heavily on outperforming teams only and therefore, hiring the bestsuited and highly skilled talent is an instrumental step to the success of any startup.
To facilitate this, team Remunance takes a collaborative approach with its clients to help them achieve this goal with ease. From seeking skilled resources to reducing overheads and burn rate, startups can gain a competitive edge with this business model.
Remunance’s business model helps new-fangled enterprises in understanding key market trends way before diving into the unknown geography of India. It also assists clients in nurturing and maturing their teams into a force to reckon with which has, in fact, helped many startups in bettering their valuations. The best proof of this lies in the fact that five startups that were associated with Remunance in India got acquired with better valuations.
CASE STUDY
Gemstone Systems Inc., a US-based company, was aspiring to expand its operations to India by collaborating with a partner who could help them establish a dedicated engineering team to accelerate the development of its flagship distributed database product GemFire. Here, Remunance stepped in to help them set up a legal entity in India, hire a worldclass dedicated local team, set up a local office with back-office staff, ensure compliance with Indian laws and connect with the Indian tech ecosystem in addition to playing a big role in the subsequent acquisition of Gemstone Systems by VMWare.
The resounding success of this collaboration which was fuelled by the strong competence and proficiency of Remunance’s team left such a lasting impression on the executives of Gemstone that when one of them wanted to launch his own venture SnappyData in India, he brought Remunance on board without batting an eye and SnappyData’s subsequent success in India was duly rewarded by it being acquired by Tibco.
PURSUING A BLAZING FUTURE
Remunance’s entrepreneurial journey has been quite fascinating thus far, with its efforts and dedication being acknowledged at both national and international levels. It finds itself being recognized as one of the top three PEO’s in India to work with, making it the only Indian company to have achieved this milestone amongst other international mega corporations. Mr. Rajendra and Ms. Ranjana avidly believe that Remunance owes this achievement to its competent management and its exceptionally adept execution team which is also the primary reason why global companies have repeatedly put their trust in Remunance to help them foray into India.
Owing to its innovative approach to challenging situations, Remunance was able to triple its revenue last year. In the years to come, the company is looking to secure a radiant future by focusing on developing an effortless, transparent and steadfast culture of remote working for its diverse clientele and by creating a robust ecosystem to help foreign corporations establish a business set up in India!
