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Community platform Hack2Skill raises $1 Mn in debt and equity

EntrackrEntrackr · 1y ago
Community platform Hack2Skill raises $1 Mn in debt and equity
Medial

Community platform Hack2Skill has raised $1 million in debt and equity financing round co-led by Recur Club and String Ventures. Founded in 2021 by Samkit Sharma, Hack2Skill is an operator of a hackathon platform intended for communities and corporations to manage hackathons in a better way. The platform features a suite of tools that help communities and corporations to manage hackathons, including registration, team matchmaking, event timeline, internal chat, and more, enabling companies to upskill developers by providing them with a platform to learn new skills, build projects, and earn rewards. Also Read: Recur Club plans to deploy Rs 2,000 Cr in 2024: Interview with Eklavya Gupta Hack2Skill claims to have a community of more than 2.5 million tech enthusiasts and focuses on empowering its community to find innovative solutions collaboratively by organising hackathons, workshops, and boot camps. Recur Club has disbursed over $100 million to over 500 companies, including Ustraa, Rage Coffee, Moveinsync, Keka HR, Xoxodays, and others. Last month, it invested in skincare brand Conscious Chemist.

Recur Club launches Rs 150 Cr fund for D2C brands on QCP

EntrackrEntrackr · 6m ago
Recur Club launches Rs 150 Cr fund for D2C brands on QCP
Medial

Recur Club launches Rs 150 Cr fund for D2C brands on QCP Recur Club, a debt marketplace for startups and SMEs, has launched a Rs 150 crore ($18 million) fund to accelerate the growth of D2C brands in the quick commerce sector. This initiative aims to provide growth and working capital for these brands to acquire additional inventory or boost marketing efforts. The fund targets loan disbursal within seven days. Recur Club’s debt offerings are designed to meet the unique financial needs of businesses across various revenue and profitability stages. The Indian quick commerce market is expected to expand at a CAGR of over 25% leading up to 2030, and the D2C sector is anticipated to exceed $60 billion by 2027. Recur Club says that this new fund aligns with its aim to fuel the growth of ‘Make-in-India’ startups, particularly in the quick commerce segment of the D2C market. Some notable brands that have benefited from its funding include Ustraa and Wellversed. “With more than half of the 300 consumer brands we've financed utilizing quick commerce platforms, it's clear that these businesses are primarily investing in scaling inventory to keep pace with consumer demand and employing strategic marketing efforts,” said Eklavya Gupta, CEO & co-founder of Recur Club. Recur Club offers loans to startups and businesses, ranging from Rs 50 lakhs to Rs 100 crore within 48 hours by linking their financial data. In collaboration with InCred, it has deployed Rs 300 crore in funding aimed at supporting early and mid-stage startups. Recur Club has committed to deploying Rs 2,000 crore in debt funding for startups and SMEs through Recur Scale and Rs 1,000 crore to MSMEs through Recur Swift in this financial year. As part of this initiative, the company has launched its "Recur Scale" facility, which offers up to Rs 100 crore in funding for individual startups or SMEs. Over the last three years, Recur Club has disbursed over Rs 500 crore to D2C businesses, comprising 30% of its overall portfolio and spanning companies with revenues ranging from ₹1 crore to Rs 300 crore. It is backed by institutional investors like InfoEdge Ventures, Village Global, LC Nueva, and Titan Capital.

Recur Club launches debt offerings for startups beyond Series A and SMEs

EntrackrEntrackr · 1y ago
Recur Club launches debt offerings for startups beyond Series A and SMEs
Medial

Debt marketplace for startups Recur Club has announced its latest credit offering, Recur Scale for financing Series A, B, and beyond startups and SMEs with revenues of Rs 40 crore and above. It will provide debt offerings of up to Rs 100 crore or about $12 million, the company said in a release. Recur Scale is available for a wide range of sectors such as SaaS, e-commerce, manufacturing, EV, D2C, agritech, and others. The credit offerings for startups and SMEs include secured term loans, venture debt, acquisition financing, operating leases, working capital loans, bill discounting, and vendor financing, among others. According to Recur Club, it plans to deploy a total of Rs 1,000 crore with the Recur Scale program for startups and SMEs, along with an additional Rs 2,000 crore through its Recur Swift program for startups in FY25. Founded in 2021 by Abhinav Sherwal and Eklavya Gupta, Recur Scale uses AI-backed matchmaking to connect borrowers with relevant lenders for efficiently discovering, comparing, and selecting credit offers. The company has partnered with over 120 marquee lenders, such as InCred, Tata Capital, Aditya Birla Capital, among others., and targets to be the one-stop solution for the financing of startups. Earlier this month, Recur Club had partnered with InCred, a new-age financial platform, to disburse Rs 300 crore to early and mid-range startups. In August last year, Recur Club also launched $10 million worth Regreen Fund to back startups actively working towards a greener and more sustainable future.

Insurtech startup Bharatsure raises Rs 6 Cr led by IPV

EntrackrEntrackr · 15d ago
Insurtech startup Bharatsure raises Rs 6 Cr led by IPV
Medial

Bharatsure, an insurtech startup offering infrastructure-as-a-service (IaaS) solutions, has raised Rs 6 crore in a funding round led by Inflection Point Ventures (IPV) with participation from Capital A and Atrium Angels. The proceeds will be used to scale its insurance infrastructure and expand embedded and group insurance offerings across India. Founded by Anuj Parekh and Sanil Basutkar, Bharatsure operates as an Infrastructure-as-a-Service (IaaS) platform that enables businesses, SMEs, and partner-led ecosystems to embed group and modular insurance products directly into their offerings. Its business model revolves around partnering with organizations to provide scalable insurance infrastructure, employee benefits, and wellness solutions, earning revenue through policy distribution, premium commissions, and value-added insurance technology services. With over 1,500 stations and 70,000 drivers in 50 cities, the startup claims to have covered over 2,00,000 lives and processed 10,000 with a 4.9/5 Google rating. It also claims to have doubled revenues in FY25, broken even at CM3, and is targeting Rs 100 crore revenue by FY28. It competes with other Insurtech players like SecureNow, BimaKavach, and Pazcare. Recently, Bharatsure announced a partnership with Battery Smart, a battery-swapping network for EVs, to launch natural calamity insurance for station partners covering fires, floods, earthquakes, and personal accidents.

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