Indian FinTech CredFlow raises $2.1 mn in seed round
By Leandra Monteiro
New Delhi-based FinTech CredFlow has recently raised $2.1 million in its seed spherical led by Stellaris Venture Partners, Omidyar Network India, and Flourish Ventures. Marquee angel traders like Nitin Gupta, Founder of Uni, have also participated in the spherical.
According to an official statement by the company, CredFlow will use the acquired funds to develop its platform, strengthen its technology capabilities, and build new products. The start-up is also looking to expand its team across tech, product, and marketing.
“Delayed collection is a major challenge that Indian SMEs face and capital stuck in receivables is a leading cause for financial stress. Much of fintech innovation in the past decade has been focused either on large enterprises or retailers and micro-enterprises, while the mid-market B2B segment remains largely unaddressed. We’re excited to partner with Omidyar Network India, Stellaris Venture Partners, and Flourish Ventures in helping us leverage technology to realise this mission of making Indian SMEs truly Aatmanirbhar,” said Kunal Aggarwal, Founder, CredFlow in an official statement.
“CredFlow’s payment dashboard commands the attention of the business owner and becomes the primary daily MIS for the business. In the long run, this will help CredFlow become the financial operating system for SMBs, providing a view on their overall financial health, and helping them access a diverse set of own and third-party financial products,” said Ritesh Banglani, Partner at Stellaris Venture Partners, according to media reports.
According to the CredFlow, over 5,000 companies have used its services to course of and sync invoices price greater than INR 700 billion to date. The start-up also revealed that it aims to construct a full-stack resolution, together with money flow-based financing, treasury administration, and funds administration, to assist SMEs optimise their cashflows and speed up their development.
IBSi Prime News
December 08, 2021
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