FinAGG raises $11 Mn in Series A led by Blue Orchard and Tata Capital
Summary
FinAGG Technologies, a fintech startup offering cash-flow based supply chain finance, has raised $11 million in its Series A funding round co-led by global impact investment manager BlueOrchard and Tata Capital Limited. The round saw participation from Small Industries Development Bank of India (SIDBI) and existing investor Prime Venture Partners.FinAGGs will utilise the capital to expand its offline and online presence, enhancing global outreach, and driving product innovation, the company said in a press release. Previously, it raised $3 million in its pre- Series A round led by BLinC Invest in September 2022.Our product and engineering department is currently working on bringing blockchain to an industry which worked on conventional pen and paper underwriting until recently. These new features will help us look at borrowers under a completely different light and make underwriting in this space more meaningful, said Nipun Kohli, co-founder and CEO of FinAGG.Started in 2020 by Kohli and R. Srinivasan, FinAGG is a supply chain platform focused on providing closed-loop credit solutions to distributors, retailers and MSMEs via its proprietary platform Quick Cash Flow.The firm claims to have disbursed loans worth more than Rs 5,230 crore to over 85,000 MSMEs to date. The platform is also integrated with India Stacks Aadhaar, GSTN, UPI, and NACH which ensures lenders access to quick growth capital.Since 2020, it has onboarded several major consumer brands, as well as leading banks, NBFCs, and entities supporting MSME development in India.