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ProFinTech raises $1.4 Mn in a seed round

EntrackrEntrackr · 1y ago
ProFinTech raises $1.4 Mn in a seed round
Medial

Fintech startup ProFinTech Technologies has raised $1.4 million in a seed round co-led by HNIs and the family office of K.I. Varaprasad Reddy, Rahul Gedupudi, Sreeman Chalasani & Srinivas Kalagara, and others. The proceeds will be used to accelerate its growth and introduce innovative solutions to the market, ProFinTech said in a press-release. Co-founded in 2022 by Ravi Tanniru and Sandeep Kunkunuru, ProFinTech leverages data-backed trade recommendation and financing fulfillment engines to enable MSMEs to secure funding through a user-friendly interface, eliminating the complexities often associated with traditional financing apps and documentation processes. It addresses major hurdles for small businesses seeking quicker and simpler funding options. The Hyderabad-based company aspires to strengthen partnerships with banks and NBFCs to scale their supply chain and trade financing operations. The company is about to introduce new product features and enhancements designed to further benefit MSMEs, helping them scale their businesses. ProFinTech is incubated at T-Hub, Hyderabad, and operates from T-Hub’s Machine Learning and Artificial Technology Hub (MATH) Centre of Excellence in Hyderabad. ProFinTech claims that it has introduced several products including automated financing recommendations, transaction-level credit readiness scores, zero processing fees, and live-transaction funding.

FinReach raises Rs 21.9 Cr led by Colossa Ventures

EntrackrEntrackr · 21d ago
FinReach raises Rs 21.9 Cr led by Colossa Ventures
Medial

FinReach Solutions has raised Rs 21.9 crore (around $2.6 million) in a fresh round led by Colossa Ventures, along with existing investors Michael & Susan Dell Foundation, Omidyar Network Fund Inc, and Caspian SME Impact Fund IV. The company had earlier raised Rs 32.5 crore (around $3.9 million) from its existing investor group. The new capital will be used to scale operations, expand guarantee facilitation, and strengthen the company’s risk and technology stack to support larger volumes of credit assessments. Founded in December 2020 by Suvalaxmi Chakraborty, former senior executive at ICICI Bank, Barclays Bank, and SBM India, FinReach focuses on small entrepreneurs who struggle to access formal credit due to lack of collateral and limited credit history. FinReach operates a private-sector Credit Guarantee Program, enabling lenders to extend credit to micro, small, women-led, agri, and climate-focused enterprises. The platform connects private guarantors with lenders to de-risk loans and expand access to formal credit for underserved MSMEs. The firm’s analytics-led guarantee engine evaluates borrower risk, facilitates guarantees, and supports lending in tier-III to tier-V regions. FinReach says its programs have reached 14,150 individuals, including over 2,050 women borrowers. FinReach works with development finance institutions including British International Investment and global foundations supporting credit-access initiatives.

Kaleidofin raises $13.8 Mn led by Rabo Partnerships

EntrackrEntrackr · 1y ago
Kaleidofin raises $13.8 Mn led by Rabo Partnerships
Medial

Fintech startup Kaleidofin has raised $13.8 million in a new round led by Rabo Partnerships B.V. Existing backers Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India and Flourish have also participated in the round. This takes the total funds raised by kaleidofin since its inception to $37 million. In May 2022, the Chennai-based startup raised $15 million in its Series B round led by the Michael and Susan Dell Foundation and others in two tranches in the same year. The fresh proceeds will be used to scale its lending portfolio and expand credit scoring, middleware, and risk services through selected partnerships. Led by Sucharita Mukherjee and Puneet Gupta, Kaleidofin offers products such as KaleidoGoals, a goal-based savings solution; KiScore, a supervised machine learning-based automated credit health checking platform for informal sectors; KaleidoCredit, a credit as a platform service for lending and debt capital markets use cases; and KaleidoPay, a suite of inclusive payment solutions. The company claims to have facilitated loan disbursal of cumulatively over $2.7 billion for over 4.7 million customers and small enterprises working in the informal economy, since 2020.

Lending company mPokket raises $60 Mn debt from BPEA Credit

EntrackrEntrackr · 1y ago
Lending company mPokket raises $60 Mn debt from BPEA Credit
Medial

Digital lending platform mPokket has raised Rs 500 crore (approximately $60 million) in debt capital from private credit platform of BPEA Credit, the credit arm of Baring Private Equity Asia. The company last raised $2.24 million in funding in January 2020. The funds will be used to meet the growing credit demand from mPokket’s 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals, the company said in a press release. Led by Gaurav Jalan, mPokket offers credit, insurance and career acceleration products to underserved youth, including working professionals and self-employed individuals. The eight-year-old company claims to have delivered healthy profit margins for seven consecutive years. mPokket said that it has disbursed loans with $1.7 billion in value to date with minimal default rates. mPokket recorded nearly two-fold jump in its revenue from operations to Rs 657 crore in FY23 from Rs 334 crore in FY22, according to startup data intelligence platform TheKredible. However, the firm’s profit slipped to Rs 58.7 crore in FY23 from Rs 107.8 crore in the previous fiscal. BPEA Credit provides growth capital to established mid-market companies. Over the past 11 years, it has raised three funds and invested more than $1 billion across 70 portfolio companies in multiple sectors. As per a media report, the fund is planning to launch its inaugural India-Southeast Asia fund with a targeted size of $750 million by the end of the year. It had previously backed global co-working space provider WeWork.

Optimo Loan raises $10 Mn seed in round

EntrackrEntrackr · 1y ago
Optimo Loan raises $10 Mn seed in round
Medial

MSME-focused lending-tech startup Optimo Loan has raised $10 million in its seed round led by Blume and Omnivore, with additional contribution from Optimo’s founder, Prashant Pitti. The proceeds will be used to expand its operations, enhance its technology, recruit new talent, and broaden its presence to 20 locations in rural India by the end of this year, the startup said in a press release. Founded by Pitti, Optimo facilitates access to quick, easy, and flexible financing options for MSMEs. It supports businesses in investing in new technologies, increasing liquidity, and ensuring business continuity. The startup actively contributes to local job creation, economic growth, and community development. The startup is also building a co-lending platform for MSMEs with a unique underwriting method. This approach allows Optimo to gain deeper insights into the financial health of MSMEs, enabling informed lending decisions and catalyzing entrepreneurship and economic growth in rural communities. That said, early-stage India-focused venture fund Blume Ventures invests in seed and pre-Series A rounds in tech-led startups. It is presently investing via its Fund IV, a $300 million vehicle supported by institutional LPs and family offices. Following the close of Fund IV, Blume now has an AUM (Assets Under Management) of over $600 million.

e6data raises $10 Mn in Series A round led by Accel

EntrackrEntrackr · 1y ago
e6data raises $10 Mn in Series A round led by Accel
Medial

Data intelligence platform e6data has raised $10 million in its Series A round led by Accel with participation from Beenext. The proceeds will be used in research and development (R&D) efforts to help its customers with better offerings, onboard more clients, and scale its hiring on the front. Founded in 2021 by Vishnu Vasanth, e6data claims to have developed a compute engine for data intelligence platforms to enhance ROI on existing infrastructures while eliminating ecosystem lock-in. It requires no data movement, application migration, or downtime, making adoption seamless. e6data is expanding its design partner program, offering its solution as a managed service with full production support and professional services for enterprise customers’ most demanding use cases. The California-and Bengaluru-based startup uses deep experience from over 100 large-scale data platforms with a team of experts from Microsoft, ThoughtWorks, IBM, Cisco, and SAP.

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