202123 Nov

Fintech firm Recordent raises 400K USD angel funding from the family office of Kantamaneni , IIM Calcutta Innovation Park and investors from India and US

Summary

In line with its growth plans, their major focus areas will be collaborations with complementary fintech and banks for providing financing options to businesses, invoice reconciliation, and adding more services and features to the tech platform for further ease of use. As first movers in the industry, we are focussed for making business seamless and hassle-free for MSMEs; along with credit profiling that in turn will help businesses to reduce their credit risks” “The proceeds of the funding shall help us strengthen our platform by harnessing the latest in AI and ML technologies, to improve the connected customer experience. The credit profiling blended with tech, represents the connected B2B world enabling the businesses to rise together.” he further adds. By March 2022, Recordent is targeting to cater to 25,000+ businesses in its network with no of dues reaching to 1,50,000+ Commenting on the funding Gopala Krishna of Kantamaneni Family Office said, “A large number of businesses continue to face a massive gap in cash flow, and that is directly linked to the long-pending overdue invoices by their customers. We were an early client of Recordent and having benefitted from the platform, we decided to lead this round” Dr Subhrangshu Sanyal, CEO, IIM Calcutta Innovation Park shares, “We are always keen on providing the best opportunities for start-ups to thrive and extend strong product offerings to make an impact, lead a change or bring about new trends that help businesses and customers.

Source: Businessnewsthisweek

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Companies