NAKAD raises seed round of $7m from Accel and others

By Leandra Monteiro

NAKAD recently announced that they have raised seed round of $7 million from Accel and Matrix, with participation from AdvantEdge and pool of stellar Angel investors.

Established by Ujwal Kalra, Sambhav Jain and Avinash Uttav, NAKAD aims to solve the massive problem of working capital of Indian MSMEs in the supply chain. The massive credit crunch of MSMEs results in their inability to grow their business and pay their employees on time. This issue is not just confined to MSMEs but also rolls back to their large customers, impacting the entire supply chain.

“We are pioneering a new financing paradigm enabled by MicroBill, a proprietary technology. This technology tokenises invoices and will unlock $30 Billion worth of capital for credit-starved MSMEs. The huge impetus we got from the ground while implementing the solution gave us our ‘why’ for creating NAKAD, making the mission of our lives – to make a deep impact on a massive underserved market. Our solution creates a win-win case for all the stakeholders.

We have partnered with multiple anchors, their supplier base, banks and NBFCs to enable a seamless solution, designed to benefit the entire ecosystem.

We are thrilled to have marquee investors Accel, Matrix Partners India and AdvantEdge Founders back us, who bring a unique combination of vast experience across Fintech, B2B and industrial expertise,” said the company in a statement.

NAKAD have also on-boarded stellar Angel investors: Harshil Mathur and Shashank Kumar (Razorpay), Amrit Acharya and Rahul Sharma (Zetwerk), Sachin Agrawal, Aniket Deb, Ankit Tomar, Harsh Manek, Tarun Soni (Bizongo), Nitin Gupta (Uni Cards), Raghunandan G (Zolve), Rangarajan Krishna (Five Star Business Finance), Prof. Amit Karna and. Kunal Upadhyay (IIM Ahmedabad), Arindam Bhattacharya, Sharad Verma, Pranay Mehrotra, Abhinav Bansal, Vikram Janakiraman, Shaleen Sinha, Sourabh Bakliwal, Mandeep Kohli, Vipin V, Saurabh Chajjer, Varun Bopanna (BCG).