Supply-chain Financing Provider NAKAD Raises $7 Million In Seed Funding
NAKAD, a Delhi-based supply-chain focused fintech startup, has raised $7 million in a seed round led by Accel and Matrix Partners India, with participation from AdvantEdge Founders.
Angel investors, including Amrit Acharya and Rahul Sharma (Co-founders, Zetwerk ), Sachin Agrawal, Aniket Deb, and Ankit Tomar (Co-founders, Bizongo ), Harshil Mathur and Shashank Kumar (Co-founders, Razorpay ), among others, also participated in the round.
As per the startup, the raised funds will be used to build its team, boosting tech infrastructure, and scale its operation in India.
NAKAD | Solving Working Capital Gap For MSMEs
Founded by Ujwal Kalra, Sambhav Jain, and Avinash Uttav in January 2022, NAKAD is a fintech startup that offers working capital to India’s micro, small and medium enterprises (MSME) in the supply chain industry.
With its proprietary MicroBill technology infrastructure, NAKAD offers invoice discounting services to MSMEs, which previously were unavailable to them through formal channels.
Speaking about the development, Prayank Swaroop, Partner at Accel, said,
“Credit for MSMEs is a misnomer. B2B (business-to-business) supply chain credit today is limited to only large enterprises. This is because financial institutions find it extremely hard to access verified information of transactions between OEMs, Tier I, II and III suppliers. We are quite excited to partner with the NAKAD team, who have built an amazing technology solution to this problem.”
NAKAD has partnered with multiple anchors, their supplier base, banks, and NBFCs to enable a seamless solution designed to benefit the entire ecosystem. It is looking to launch various other credit products and build software layers to help SMEs digitise their billing and reconciliation processes.
NAKAD also expects to expand its customer base, in the coming months, across pharmaceuticals, auto construction, chemical, capital goods and consumer durables.
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