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FinTech startup QuiD raises $603k in Pre-seed funding

By Gloria Mathias

February 20, 2024

  • B2B Fintech Startup
  • FinTech
  • fintech funding
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Quid, FinTech, Fintech News, Fintech Funding, Fintech India Funding, Pre Seed Funding, Supply Chain Financing, Lending, Loans, B2B Fintech Startup, QuiD, an India-based supply chain FinTech startup, has announced that it has secured $603k (INR 5 crore) in pre-seed funding led by institutions like Mint Cap Enterprises and Stone Park Capital. Angel investors include Sushant Kumar of Omidyar Network, India, among others.

QuiD offers tech-driven financial float as a product strategy, enabling anchor-led financing for retailers. This helps unlock working capital for anchors, distributors, D2C, and manufacturers, resulting in higher sales and margins. The company is currently catering to a few top anchors in the country and plans to extend the offering to other potential clients.

“The funds raised will be primarily deployed to strengthen and scale tech capabilities and to deepen engagement with current clients and partner lenders. The vision is to leverage technology, data science, and blockchain to help the anchor and retailer communities get better access to credit at the invoice level,” said Subhash Gupta, Co-founder of QuiD.

QuiD partners with both offline and online eCommerce marketplace players with deep tech integration, enabling seamless customised financing from QuiD’s partner lenders.

“The current funding validates our thesis on interest rate arbitrage as a model that creates a strong moat through the network effect,” said Vikram, Co-founder, of QuiD.

“Supply chain financing as a market is around INR 20 lakh crores as per the RBI report 2023, and with 0% interest BNPL as a first-step product, QuiD is better placed to offer analytics-based product financing innovation to suit the working capital needs of businesses,” shared Abhishek Pandey of Stone Park Capital.

QuID is a B2B supply chain FinTech marketplace platform, dedicated to optimising the finances of distributors, retailers, manufacturers, and D2C brands. QuiD provides advanced solutions, such as tech-driven financial float strategies, efficient working capital financing discovery, accelerated collections through decision science systems, and analytics-driven retailer discovery and profiling. With QuID, businesses can streamline their processes, enhance profitability, and stay ahead in today’s dynamic market landscape.

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