Magenta BI, the Ahmedabad based SaaS platform, has launched a Business Intelligence software for the channel community. The company was founded in 2018 by entrepreneurs, Vikas Mundhra, Founder & CEO, and Vikalp Somani, Co-founder & CTO. The company operates the Magenta BI platform that helps SMEs make data-driven decisions through Actionable Analytics. Having played a leadership role at iBall Brand since 2001, they tried to deploy a lot of analytics to penetrate the market. In 2018, they noticed that not only their company but their distributors as well were struggling with ERP/Excel-based reports. And all the generic DIY BI solutions were not effective. Thus the idea of Actionable analytics was born, giving rise to the Magenta BI platform.
Speaking on the announcement, Vikas Mundhra (Founder & CEO of Magenta BI) said: “At Magenta BI we are excited about helping channel partners achieve profitable growth through data analytics. During our days at iBall, we tried looking for existing solutions but the only option was to implement a customized Business Intelligence platform which was not only a major expense but also required technical know-how. While possible for a large enterprise, this is not feasible for an SME. This makes it almost impossible for an SME to make data-driven decisions. With the vision of enabling 10K SMEs to scale growth through Actionable Analytics, we started Magenta Bi. Our platform addresses this pain-point; Data-structuring, integrations, and set-up happen in a matter of clicks. We are further encouraged by the response and trust our customers have shown in us and are looking forward to helping 10k SMEs.”
Rajesh Saboo, Kolkata remarked: “We are excited to use Magenta BI. It integrates easily with my ERP. Magenta offers ready-to-use dashboards that are customized for the distribution business. Also, Magenta BI is quite different and better because of its focus on channel partners – something that really no other company is doing. The company has developed and offers a robust, easy-to-use, and affordable product that not only reduces our cost but also helps us in making better decisions across Sales, Purchase, Inventory, and Payments. With Magenta Bi integrated, I have been able to extract so much power from the ERP that I have been using for about a decade now.”
Reinforcing the view, Navdeep Goyal, Owner at Silverline Infocom said: “I am not only able to control my Inventory and Outstanding at a Click but also able to identify gaps in Sales, Purchase, Inventory and Payment. Magenta BI is not a cost but an investment; an investment into the ability to get real-time analytics and insights towards Targets, Achievements, and Gaps.”
Magenta currently offers out-of-box integration with ERPs like Tally, SAP B1, BUSY, Intelligent to name a few. The company also plans to expand its product offering and is ramping up its hiring efforts to build a larger team.