“We are opening a bottle of champagne here with all of our ‘Club’ members and we invite you all 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 this 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 biggest seed rounds in India at a time when investment in Indian startups has slowed after a busy 2021. The report says the funding also shows investor interest in B2B startups that make things easier. for companies to access debt and capital.
“As the number of recurring revenue companies (especially SaaS) grows rapidly, Recur Club provides them with an alternative funding platform that complements venture capital and offers rapid turnover with attractive rates while creating a new asset class for investors seeking fixed income returns,” said Amit Behl, Partner at InfoEdge Ventures.
Founded last year by Sherwal and Eklavya Gupta, Recur Club helps companies trade future discounted customer revenue to receive initial capital within 48 hours.
Read more: Indian lender Kinara raises $50m in capital
On Tuesday, Indian lender Kinara Capital also announced a $50 million funding round, along with plans to disburse $1 billion in loans to small businesses over the next three years.
Kinara offers its customers the use of an application and services in more than 110 branches. Using artificial intelligence (AI) and machine learning, the company’s app can guide applicants from loan decision to disbursement within 24 hours by offering loans ranging from $1,000 to $30,000.