Practus’ assisted Elegance Technology in reducing TAT in investor reporting from 18 days to 4 days and customer invoicing from 9 days to 1.5 days.

Client NameIndustryOwnershipManagementNo. of EmployeesROI On Fee SizeProject Duration
Elegance TechnologyIT Products (SaaS)Tech Entrepreneurs, initially VC invested. Subsequently bought out by an e-commerce majorFounder-Run~1004.9x~$30 million24 Months

About The Company

Elegance Technology is a VC-funded IT products company that offers inventory management, planning, customer engagement, and logistics management solutions platform for e-commerce. The company served a peak of 1,500 customers, sold about 10,000 licenses, pricing each license at ~$100 per user per month. One of the venture capital funds that participated in series A funding introduced Practus to the company.​

Practus’ Role

  • Developed management dashboard to define and monitor key business metrics, within 10 weeks of engagement.
  • Automated product-level profitability monitoring on Quick books equivalent.
  • Introduced timesheet mechanism for code-writers and product developers to monitor productivity and help accurate product pricing, particularly for ongoing AMC contracts.
  • Ensured 100% compliance with regulations, mitigating regulatory and reputational risks to investor nominees on the Board of the company.
  • Reduced TAT on transaction recording in accounting system from 6 days to a few hours.
  • Automated bank reconciliations.
  • Ensured completion of the audit by Big4 firm within 6 weeks of the year-end.

Impact Delivered

  • Improved business value by about 800% over 3 years​.
  • Helped raise ~$20 million in series B equity funding within 12 months of taking charge as CFO.​
  • Enabled smooth closure of diligence within only 4 weeks, through thorough diligence preparedness and efficient management of electronic data room​.
  • Reduced TAT in investor reporting from 18 days to 4 days.​
  • Reduced TAT in customer invoicing from 9 days to 1.50 days, releasing ~$1 million cashflow in unbilled AR.