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M2P Fintech raises debt funding from Anicut Capital

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Digital banking infrastructure company M2P Fintech has raised Rs 35 crore debt from Anicut Capital. This appears to be the first debt round for the Chennai-based company. The board at M2P Fintech has passed a resolution to issue 350 NCD (non-convertible debentures) at an issue price of Rs 10,00,000 each to raise Rs 35 crore, its regulatory filing sourced from RoC shows. In January 2022, the company raised $56 million in an equity round led by Insight Partners at a valuation of $600 million M2P has been acquiring companies at regular intervals in what appears to be aimed at strengthening its API infrastructure. In December last year, it acquired Goals101. It also took over identity validation startup Syntizen in July last year. M2P also offered a partial exit to its early backer 8i Ventures in June 2022. The early-stage investor claimed to have scored 36X multiple on its original investment with an IRR of 415% over two years. While the company is yet to disclose its FY23 numbers, its revenue from operations spiked 4.6X to Rs 194 crore in FY22. According to startup data intelligence platform TheKredible, its losses ballooned 6.2X to Rs 41 crore during the said fiscal year from Rs 6.6 crore in FY21.