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Kreedo secures Rs 10 Cr debt funding from Recur Club

EntrackrEntrackr · 7m ago
Kreedo secures Rs 10 Cr debt funding from Recur Club
Medial

Edtech platform Kreedo Early Childhood Solutions has secured Rs 10 crore in debt funding from Recur Club, a prominent debt marketplace for startups and SMEs. Kreedo had previously raised $4 million in Series A funding from Heritas Capital and UBS Optimus Foundation to enhance learning ecosystems. The proceeds will be deployed towards fuelling its growth and expansion plans, enhancing product offerings and scaling operations across India, Kreedo said in a press release. Co-founded in 2012 by Mridula Shridhar and Manikandan Krishnan, Kreedo provides a non-franchise solution for preschools and schools in India. Its curriculum is designed to help children develop literacy, numeracy, and other skills through play-based activities. The platform's curriculum is based on the idea that children learn best through a 'Concrete to Abstract' or 'Practical to Theory' approach. The curriculum combines indoor and outdoor games and toys to help children learn to explore and develop skills. According to the Bengaluru-based company, it focuses on improving education in over 350,000 affordable private schools across India, which cater to low-income families and charge less than Rs 30,000 annually. The company claims that it has demonstrated an impressive revenue growth rate of over 35% year-on-year for the past three consecutive years. 'It has been a pleasure working with Manikandan and witnessing Kreedo’s incredible growth journey over the past couple of years. Their intelligent approach to capital management has enabled them to hyperscale effectively while preserving significant equity.' said Eklavya Gupta, co-founder & CEO of Recur Club. Kreedo may compete directly or indirectly with other companies in this space are Kinderly, Seed Schools, Sudiksha Knowledge Solutions, Blue Blocks, Hello Kids amongst others. Recur Club is a capital platform, enabling companies to raise debt capital tailored to their business needs with a dedicated capital expert. The platform aims to deploy Rs 2,000 crore in debt funding for startups and SMEs through Recur Scale and Rs 1000 crore to MSMEs through Recur Swift in this financial year. It has backed startups such as Ustraa, Rage Coffee, Moveinsync, Keka HR, Xoxodays, and others. It competes with other debt financing platforms like GetVantage, Velocity, and Klub.

Recur Club plans to deploy Rs 2,000 Cr in 2024: Interview with Eklavya Gupta

EntrackrEntrackr · 1y ago
Recur Club plans to deploy Rs 2,000 Cr in 2024: Interview with Eklavya Gupta
Medial

Revenue-based financing as an alternative source of working capital is gradually receiving wide acceptability, especially among growth-stage startups. The relevance of such alternative funding sources is now far more pertinent considering the so-called funding winter wherein chances of startups scoring equity capital are slim. In recent years, several revenue-centered financing platforms have emerged with Getvantage, Velocity, and Klub being some of the notable names. Gurugram-based Recur Club has also emerged as a notable player in the space with an allocation of Rs 1,100 crore across 500 startups in 2023. The company is now looking to expand its reach in the startup ecosystem. The roadmap includes onboarding a higher number of startups as well as more investment deployment. To better understand Recur Club’s business, growth and projections, Entrackr caught up with its co-founder and chief executive officer Eklavya Gupta. Recur has backed startups like Ustraa, Rage Coffee, Moveinsync, Keka HR, Xoxodays, and others. In July last year, the platform launched a $10 million fund to back startups actively working towards a greener and more sustainable future. Recur Club isn’t looking to raise any fresh capital at the moment. “We are well capitalized and not looking to raise any money in the near future. Our priority is to onboard 500 – 700 startups this year and deploy Rs 2,000 crore through its platform,” Gupta said. Gupta disclosed that nearly half of the company’s deals are in SaaS and tech sectors, whereas the remaining is deployed towards commerce and logistics. The investment pattern is pretty similar to other revenue-based financing platforms’. Recur Club offers credit in the range of Rs 20 lakh to Rs 35 crore which yields an IRR (internal rate of return) of anywhere between 15% and 19%. While large borrowers typically pay back the loan amount in 12 to 18 months, short-term loans are required to be paid between 50-90 days. Recur Club connects startups with over 50 prominent lenders, including Tata Capital, HSBC, Aditya Birla Capital, INCRED, Ugro Capital, and various other NBFCs, banks, and institutional capital providers. According to Gupta, Recur Club assesses leads on three core premises: average revenue run rate (ARR) of at least Rs 1 crore, six months runway and positive revenue growth. Recur Club makes money by charging a small percentage from both ends: borrowers and lenders. “Depending on the type of investors and companies, we charge 0.5% to 3%,” added Gupta.

Building Asia’s Future: Omni HR Secures USD 7.4mn for HR Tech Expansion

LivemintLivemint · 7m ago
Building Asia’s Future: Omni HR Secures USD 7.4mn for HR Tech Expansion
Medial

Omni HR, an Asia-focused employee management platform, has recently raised $7.4 million in funding, bringing its total funding to $9.8 million. The company provides a data-driven workspace that automates tasks, manages teams, and handles multi-country payroll for HR teams. It addresses the challenge faced by companies in Asia, offering a platform that understands and meets local needs while providing modern capabilities. The funding will be used to expand product offerings and scale up localization efforts, targeting the growing demand for HR solutions in the Asia Pacific region. Omni HR has gained recognition for its comprehensive HR management platform and has notable clients including Endowus, Funding Societies, and IHRP.

GetVantage launches Rs 100 Cr Rise-Up Fund for women entrepreneurs

EntrackrEntrackr · 1y ago
GetVantage launches Rs 100 Cr Rise-Up Fund for women entrepreneurs
Medial

Alternative-financing fintech platform GetVantage has announced the launch of its Rise-Up Fund which is dedicated to supporting women entrepreneurs’ businesses with the capital. With an initial corpus of Rs 100 crore, This non-dilutive fund aims to deploy the capital in the next 12 months. GetVantage has also announced a partnership with diversity-focused network Encubay. Founded in 2020 by Bhavik Vasa, GetVantage is an alternative funding marketplace and growth platform that provides non-dilutive capital to SMEs. It facilitates data-driven investments from Rs 5 lakhs to Rs 20 crore to scale growth for businesses. According to the Mumbai-based firm, it will disburse the funds through its own NBFC GetGrowth Capital, along with Varanium’s Debt Fund partnership, among other NBFCs and AIFs. In January, it announced its SaaS Accelerator Fund II with a corpus of Rs 250 crore. According to GetVantage, its platform provides various non-dilutive working capital solutions for marketing, inventory, logistics, and other recurring CapEx to businesses across sectors, including B2B SaaS, eCommerce, D2C, edtech, cloud kitchens, and many more. The company says that it has registered more than 15,000 signups on its platform and invested in over 850 new-age businesses in India. GetVantage added that it has previously partnered with women’s community leap.club in 2023 to drive engagement amongst women entrepreneurs across India. The partnership brought women founders, investors, and enablers together via community outreach helping forge strong connections, conversations, and growth. According to a report by the World Economic Forum and IFC, women-led businesses in India faced an unmet credit gap of more than $11.4 billion, and these same women founders received only 5.2% of the outstanding credit granted to enterprises by Indian public sector banks.

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