UditXtracap Fintech, a Gurgaon based startup, has now secured $1 million in an angel funding round. The startup has also revealed its mobile app – Bridge2Capital in the month of October 2018 for the small shopkeepers to receive a limited loan amount to pay their GST supplier bills.
According to this startup, since the launch of the app, it has seen an overall customer increase from less than a hundred to more than 1000 shopkeepers. It has also crossed around 30000 registrations across India.
Xtracap revealed that it had managed INR 70 crore worth of invoice financing, providing credible financial integrity to small shopkeepers, under its limited geographical operations in Telangana, Punjab, and Rajasthan.
“With increase in digital adoption, this time period will shrink in the future due to the unprecedented COVID-19 situation,” said Xtracap founder Mohammed Riaz.