Fintech has been the most lucrative market segment since the last 5 years and is continuing that trail till the coming five years. The statement holds its significance as the market currently gets its huge amount of funding for this sector only.
The Bengaluru based Fintech start up announced that it has received a raise of $ 4.1 million. The round was led effectively by Quona Capital. The insights regarding the process are given in the article.
MORE ABOUT RUPIFI
The start-up was launched in 2020 by Ankit Singh, Anubhav Jain and Jawaid Iqbal. It is basically an online platform that helps MSME sector to get funds easily and establish an effective mechanism required for financing. The company basically underwrites the loans that are required by the industries providing great options included in the area of payments.
The major preference is given to Rupifi due to the possible reasons:
- Embedded Product that has great APIs
- Flexible digital process
- Repayment through multi-channels
- Complete Onboarding
- A contract that lends multi lending facility
- No EMI& Daily interest product.
The major industries that are covered by the company are FMCG, Pharmacy, Fashion & Food. The major back up is given by ventures like Quona Capital, Ankur Capital, Cloud Capital, Better. The prominent personalities that have expressed their concern are:
- Binny Bansal (Flipkart)
- Kunal Shah (Cred)
- Ramakant Sharma ( Livspace)
- Ashneer Grover (Bharatpe)
- Sajid Rehman (My Asia VC)
INSIGHTS ABOUT FUNDING
The company has raised an amount of $4.1 million in a pre-series round led by the firm Quona Capital. The major participation is from Ankur Capital & Binny Bansal who is co-founder of Flipkart.
The co-founder had a clear target that this funding would bring in a huge responsibility of providing access to capital for a long time and will surely help us target the needed 1 million small enterprises in the coming span of 5 years.
In March 2020; the company raised a $ 6,50,000 from investors that are already mentioned in the details above.
The investors prominently Quona Capital already mentioned that the company is in mood to address the fundamental gap of the transaction credit mechanism on various business to business platforms. The unique proposition of the company stands at making proper & efficient decisions of looking at the growth of the company. They have provided the requisite management to serve the companies that do not get enough funding.
Fintech is the market segment that is ready to offer a lot to the prospective customers. India is among the fastest growing fintech markets as we have huge base of customers to cater. The adoption rate stands at 87% as opposed to global one which is 64%. The market will surely expand by 2025at a very good growth rate.
Companies like Rupifi will definitely get an upward trajectory as they focus more on lending that is the crucial element of any business. Businesses have all the needed resources but the most scarce one is the financial one; as many small industries cannot cater to the standards set up by the institutions. Therefore ; this funding would definitely steer this flow.