The startup develops a platform for smart contracts and invoice financing that integrates KYC authentication to verify the legitimacy of business transactions. By providing digital execution and secure document storage, the company enables both formal and informal enterprises to efficiently manage legal and financial agreements.
Funding
$500K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses, especially smaller enterprises, face challenges in efficiently managing and executing contracts and agreements, leading to increased costs, potential legal risks, and difficulties in ensuring timely payments. Traditional methods often involve cumbersome paperwork, manual processes, and difficulties in verifying the authenticity of all parties involved.
Solution
IOUX offers a digital platform designed to streamline contract execution and management, providing a suite of tools for businesses to efficiently handle legal and financial agreements. The platform facilitates electronic contract creation, execution, monitoring, and management, incorporating features such as eKYC verification, eStamping, and eSigning to ensure legal enforceability and contract intelligence. By automating and digitizing these processes, IOUX helps businesses reduce costs, improve efficiency, and maintain a comprehensive audit trail of all contract-related activities. The platform also provides solutions for ensuring timely invoice and cheque payments, along with options for dispute resolution through ADRM (Alternative Dispute Resolution Mechanism).
Target Audience
IOUX primarily targets micro, small, and medium enterprises (MSMEs), public institutions, financing entities, manufacturing units, service enterprises, trading enterprises, and individuals seeking efficient and legally sound contract management and execution solutions.
Features
- Digital contract execution, management, and monitoring system (CEMMS)
- Aadhaar-based eSign for secure and legally recognized electronic signatures
- eKYC verification using Aadhaar, PAN, Driving License, Voter-ID, Passport, Bank Account, Video KYC, and Employment History
- Online purchase of eStamp paper with auto-calculation of applicable stamp duty
- Customizable and editable agreement templates for various business and personal use cases
- Digital Document Execution Report/Certificate for audit trail and compliance
- Invoice Payment Commitment feature to ensure timely payments with Bill of Exchange
- Cheque Payment Assurance Undertaking to support cheque payments with evidence of payment obligation
- Mobile app for fast, paperless, and contactless contract execution
- Option for dispute resolution through ADRM (Alternate Dispute Resolution Mechanism)