B2B FinTech platform Recur Club has raised $30 million in seed funding, the Indian company announced on its website Tuesday (April 19).
“We’re cracking open a bottle of champagne here with all our ‘Club’ members and we welcome all of you to join us!” wrote Co-founder Abhinav Sherwal.
The funding round — a combination of equity and debt allocation — was led by InfoEdge Venture, Village Global and Titan Capital. Sherwal said it will allow his company “to scale our platform to unlock fast, flexible and hassle-free growth capital without dilution.”
According to Money Control reports, the round is one of the largest seed rounds in India at a time when investments in Indian startups have slowed following a busy 2021. The report said the funding also shows interest among investors in B2B startups that are making it easy for companies to access debt and capital.
“As the number of recurring revenue companies (specifically SaaS) increases rapidly, Recur Club provides them with an alternative financing platform that complements VC capital and provides a quick turnaround with attractive rates while creating a new asset class for investors looking for fixed income yields,” said Amit Behl, a partner at InfoEdge Ventures.
Founded last year by Sherwal and Eklavya Gupta, Recur Club helps companies trade their future customer revenue at a discount to receive capital upfront within 48 hours.
Read more: Indian Lender Kinara Raises $50M in Equity Round
Tuesday also saw Indian lender Kinara Capital announce a $50 million equity round, along with plans to disburse $1 billion in loans to small businesses over the next three years.
Kinara offers customers the use of an app, and services at more than 110 branches. Employing artificial intelligence (AI) and machine learning, the firm’s app can take applicants from loan decision to disbursement within 24 hours offering loans that range from $1,000 to $30,000.
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