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CredResolve raises $1.1 Mn in Seed round

EntrackrEntrackr · 4m ago
CredResolve raises $1.1 Mn in Seed round
Medial

Collections platform CredResolve has raised $1.1 million in a seed funding round led by UNLEASH Capital Partners, with participation from CDM Capital. The Gurugram-based company had previously raised $33.6K in an angel round from PedalStart, Tujala Goud, and others in February 2024. The proceeds will be used to expand its partnerships to over 25 financial institutions, enhance its AI-driven technology stack, and strengthen its presence across multiple cities, CredResolve said in a press release. Co-founded in August 2023 by Balaji Koustubha, G Prashant Kumar, and Vijay Kumar, CredResolve is an AI-powered collections platform dedicated to optimizing the debt resolution process in India. The platform integrates technology with regulatory compliance to help financial institutions improve recovery rates, reduce operational inefficiencies, and enhance borrower experiences. According to CredResolve, it aims to redefine debt recovery by integrating artificial intelligence with borrower engagement strategies. The company leverages AI to automate recovery workflows, improve borrower communication, and ensure strict compliance with Reserve Bank of India (RBI) regulations. This tech-driven approach enhances recovery rates while reducing operational inefficiencies, addressing a pressing challenge in India’s financial sector. CredResolve claims to serve over 20 lenders across banks, fintech firms, Non-Banking Financial Companies (NBFCs), and Asset Reconstruction Companies (ARCs). Currently, the startup generates an annual recurring revenue (ARR) of approximately $1 million and intends to triple its revenue in the next year. It competes with other startups in this space, such as CredGenics, DPDZero, Spocto, Skit.AI, among others. UNLEASH Capital Partners is a Japanese venture capital firm focused on early-stage fintech and financial services in India, with a strong emphasis on driving financial inclusion.

Ajinkya Rahane invests in Proxgy’s Series A round

EntrackrEntrackr · 6m ago
Ajinkya Rahane invests in Proxgy’s Series A round
Medial

Snippets Ajinkya Rahane invests in Proxgy’s Series A round Proxgy, an IoT innovator specializing in safety, connectivity, and productivity solutions, has received funding from Indian cricketer Ajinkya Rahane in its ongoing $3 million Shashank Pathak 25 Dec 2024 11:59 IST Follow Us New Update Proxgy, an IoT innovator specializing in safety, connectivity, and productivity solutions, has received funding from Indian cricketer Ajinkya Rahane in its ongoing $3 million Series A funding round. Other key investors in the round include Nikhil Kamath, Suniel Shetty, Vinod Duggar, and Manish Patel. Entrackr had exclusively reported the Series A round in September, 2024. The Gurugram-based company has also raised Rs 16 crore ($2 million) in a pre-series A round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, and others in October last year. The new proceeds will be used to scale operations, expand Proxgy’s product offerings, and strengthen its international presence. Founded by Pulkit Ahuja in 2020, Proxgy is focused on developing innovative IoT-based solutions. The company also offers smart wearables and safety products designed to enhance workplace safety and efficiency, particularly for blue-collar workers. The Gurugram-based company has represented India globally, winning the European Product Design Award, Most Innovative Product at CES Las Vegas, and Most Promising Start-Up at GITEX Africa. The firm claims to have reported a 800% revenue growth in FY24, with a Rs 50 crore order book. Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE RBI permits third-party UPI apps to process payments from PPI wallets LIVE Leanworx raises seed round led by YourNest Venture LIVE Razorpay grants ESOPs worth Rs 1 lakh to all current employees LIVE OYO completes acquisition of G6 Hospitality LIVE Cornerstone Ventures bags $100 Mn exit from Intelligence Node Read the Next Article

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