India’s IT exports: Deliver the code, chase the cash
A Bengaluru-based tech firm, Ticvic Technologies, is struggling to recover over $670,000 in unpaid dues from an overseas client. The case highlights the financial vulnerabilities of smaller Indian exporters when dealing with international payment disputes.
Why it matters
This case illustrates the significant risks and legal complexities small-to-medium enterprises face in cross-border software service contracts.
A Bengaluru technology company says it is still waiting for $672,102 from an overseas customer for work completed more than 19 months ago, highlighting the financial risks smaller Indian technology exporters face when international clients fail to pay.
Thiyagu Ganesan, founder of Ticvic Technologies Pvt Ltd, has sought the Karnataka government’s intervention. His petition says the company completed the contracted work and the customer’s technical team tested it and confirmed that it was functioning.
The contract shared by Ticvic shows a second-phase project worth $672,102, with payments linked to milestones and customer acceptance. In an email dated May 29, 2024, a customer representative wrote: “I tested it and found that the NAT function is fine.”
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in