IT company Infodevelopers in 21st year, 60 percent market share in financial sector

Infodevelopers is one name that comes to the fore when taking the name of the indigenous software company. Nepal’s financial sector has been digitized for two decades.
Infodevelopers, which has played a significant role in bringing the financial sector including cooperatives, microfinance, and other sectors of Nepal into the digital era, has completed its 20th year and entered its 21st year today.

After going through many ups and downs, infodevelopers have reached here. The company that started from a room is now providing services from its own building. It has connected millions of people with digital services. Hardam is ready to make the service delivery agile and efficient while saving the precious time of the customer.

Umesh Raghuvanshi, founder and chief executive officer (CEO) of Infodevelopers said that the journey of two decades has been made with continuous hard work. ‘In the journey of 2 decades, there were easy days, and there were also difficult days. We have been working hard,” he said to ICITY news. “We are satisfied with this journey. Our journey of 2 decades is just the beginning. There will be more work to do.’

In the early days, the company prioritized cooperatives and microfinance, but recently it has been expanding its scope and is focusing on creating technology needed by the financial sector.

Leaving a lucrative bank job and owning his own company

2 decades ago, Umesh Raghuvanshi was working in National Commercial Bank. At that time, the service facilities of the bank were good. But Raghuvanshi had a desire to do something of his own. Because of that hustle and bustle, he could not enjoy his job in the bank for a long time. And Umesh Raghuvanshi had planned a trip to Infodevelopers with a computer worth 65,000 from his room. After some time, Pravin Subedi and Arvind Pradhan also joined the team.

Currently, the company is providing digital services from cooperatives to banks. Initially, the company had prepared accounting software Forma Pro for the pharmaceutical business. The software did not get as much success as expected. It gave an experience. And the company’s journey turned.

After the failure of Firma Pro, InfoDevelopers launched Finsys software for cooperatives. Raghuvanshi says that the success of Finsys has given him the energy to develop other banking solutions.

With the success of Finsys, the company started to strengthen financially. Necessary programmers were also started. After the success of Phinsys, the company never turned back, it continued on the path of success.

He said that after the efforts of the company’s team members, the company is gradually moving towards success. He goes on to say, ‘Infodevelopers has been successful due to the tireless work and hard work of the entire team. This would not have been possible without teamwork.’

Infodevelopers currently has 8 important products in the market. Mobile banking services, Info Tab (branchless banking), financial services, Infinity, mdbly, empower, wealth pro and other products have made the financial sector of Nepal technology friendly.

The software developed by the company is being used by cooperatives, microfinance, capital markets, banks, etc. Some time ago Mercantile’s core banking solution Pumori was also merged with Infodevelopers. Raghuvanshi has the experience of being helped by Pumori to become stronger in the financial sector.

350 more jobs, 60 percent market share in the financial sector

Infodevelopers are limited only in the country. It has also extended its services to India, Bhutan and America. The company that started with 1 person has now employed more than 350 people.

The company has been providing not only software development but also integrated solutions and other services for various government and non-government organizations. 1,300 cooperatives, 12 microfinance, 3 commercial banks, all development banks, 95 percent of finance companies and capital market companies are using the software of Infodevelopers. With this, millions of users are connected to the era of digital technology.

Infodevelopers’ products are being used in 60 percent of Nepal’s financial sector. According to Raghuvanshi, Nepal has 60 percent market share in the financial sector. ‘We have held 60 percent of the financial sector market,’ he says, ‘there are both opportunities and challenges in maintaining and increasing this market share. We are constantly working for quality services.’

The ISO certified company has been honored with various awards at various national and international levels. In 2016, the renowned international organization ASSOCIATION honored the company in Myanmar with the Outstanding ICT Company Award. In addition, it received the ‘Best Innovative ICT Company 2016’ from the Nepal Chamber of Commerce and the ‘Best ICT Users Award’ from CAN Federation in 2017.

Plan to build world-class banking solutions

After merging with Pumori, Infodevelopers is moving forward aggressively. This year, the company has planned to create a new banking solution. Umesh Raghuvanshi, CEO of Infodevelopers, who will work on world-class banking solutions this year, said.

“This year we will focus on developing world-class banking solutions,” he said. We are giving a message that world-class products can be made from Nepal as well.’

The private sector has contributed to the development of information technology in Nepal. Nepal also has world-class products and manpower. But looking at Nepali products from the point of view of ‘hey’ is creating a problem. Recently, in a study conducted by the Center for Comprehensive Development Studies (IIDS), it was seen that foreign IT workers earned more than 67 billion by staying in Nepal.

Raghuvanshi says that in order to increase the contribution of IT to Nepal’s economy, the government should focus on increasing the capacity of indigenous companies. The government should take initiatives to strengthen the IT ecosystem. IT is a good sector that can bring in foreign currency in Nepal,” Raghuvanshi said. “For the development of the IT sector, the government and private organizations should use indigenous products. You have to believe.’

The company’s efforts and role are important in making people believe in indigenous products in Nepal, where there was a rivalry between foreign softwares at one time. However, there is still a lot of work to be done. Apart from this, the company has planned to further refine its products and also try outsourcing.

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