BharatNXT raises $1.2m in Seed Round
By Leandra Monteiro
BharatNXT, a B2B FinTech platform, has raised $ 1.2 million in a Seed Round led by Inflection Point Ventures.
The round also saw participation from Japanese VC – Spiral Ventures, Keiretsu Forums, and Panthera Peak Capital. The funds will be utilised to invest in product development and expand the team size by 4x and enhance the scalability of the core technology to accommodate ten times the current growth.
The funds will be further used to implement top-notch governance systems such as PCI DSS, ISO 27001, ISO 9001 and to introduce effective risk management practices and controls to ensure optimal outcomes.
Ankur Mittal, Co-Founder & COO, Inflection Point Ventures said, “Over the last decade, India has witnessed a significant rise in digital transactions across sectors. However, credit card usage has been low among Indian SMEs, with credit utilisation typically ranging around 15% to 20% of allocated limits. Entrepreneurs with good CIBIL scores that already have credit cards with pre-approved limits still don’t have easy access to formal credit to manage their working capital. This is where BharatNXT steps in and provides an avenue via their platform for these entrepreneurs to make business payments like GST, Vendor Payments, Utility, Rent and much more. This provides these entrepreneurs real-time and paperless access to precious credit at low costs, if timed well, while unlocking precious additional payment days based on their credit card cycles.”
Akshat Birla, Founder & CEO, BharatNXT said, “We have hit hockey stick growth, crossed Rs. 1500+ Cr in GTV and expect to be doing Rs. 1000+ Cr per month by the end of FY 23”.
Aljo Joseph, Founder & CBO is working towards diversifying revenue streams, building trust and stickiness with transacting customers, and believes, “We should be running a profitable company in the next 2 quarters, and closing FY 23 with Rs 100+ Cr in revenue.”
Founded in 2022, BharatNXT is a payment platform that allows small and medium-sized businesses to use credit cards for their B2B transactions.
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