Adnan Galabhai is the founder of Yummy Karma. They supply delicious ready-to-eat meals, made for people who don’t have time to cook but still want a natural, clean and nutritious meal. They offer 3 types of products: the Indian inspired Yummy Karma range, Thai To Go and Veggie Goodness, which is a selection of plant-based snack foods.
They are currently supplying to 3 different channels: retail, mainly supermarkets such as IGA, Harris Farm and Woolworths Metro; food service companies including Qantas who serve the meals in-flight and direct to consumer from their website. Adnan explains that business is going well ‘We’re seeing growth in the entire space. We’re looking at growing the business quite significantly over the next 6-12 months.’
Yummy Karma launched in 2016, took finance with another lender after about a year before making the switch to Waddle in 2018. Their current growth would have been impossible without that funding. ‘In the beginning, it was challenging as we sell on credit to a lot of our customers. With supermarkets, we get paid 30 to 45 days from invoice, so it’s a long process from making the products, delivering and waiting for the funds.’
Saving 10-15 hours per week
Whilst their initial growth couldn’t have happened without that first invoice financing company, it was the admin that made them look elsewhere. ‘It was a very manual process. We had to send invoices and proof of deliveries every week. They’d send us a ledger, we had to match our invoices against it and any discrepancies would go back to them. It was incredibly time-consuming.’
Moving to Waddle meant that these processes were automated, saving Adnan and his team precious time to focus on growing the business. ‘The key attraction is that it syncs directly with Xero, cutting down on so much administration time. Waddle is saving us 10 or 15 hours a week. A couple of days of work.’
Benefits of Waddle: confidentiality and automation
Discussing other factors that influenced his decision to switch lenders, he highlights confidentiality. ‘The other lender would get in touch with our customers to verify the invoices, who would often get confused. “Are we supposed to pay them or you?” they would ask. With Waddle, it’s all working in the background.’
Instead of spending up to 15 hours each week managing the facility, with Waddle everything is easy. ‘Whenever I log into the platform, the first thing I notice is our available funds. And when you raise an invoice, it syncs automatically and updates your balance. Also, the ability to switch customers on and off is really useful. If I decide I don’t need funding from someone, it’s just a case of flicking a button.’
‘Working with Waddle has allowed us to grow and not worry about the payment terms with some of our bigger customers. It has been a massive help. It's allowed us to focus on the business rather than worrying about the cash flow.'
Adnan Galabhai, Founder and CEO, Yummy Karma