IAN invests INR 4.5 crore in Fintech NBFC Indium Finance
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Indium Finance, a Mumbai-based B2B fintech NBFC platform for distributors, wholesalers and retailers, has raised INR 4.5 from Indian Angel Network (IAN). The investment round was led by IAN lead investors Sanjay Rishi, Raman Roy and Manipal Group. The fintech platform plans to use the fund to accelerate the acquisition of new customers, build the product platform to provide customized solutions, ad expand the sales ad technology teams.
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“A lot is being done in the SME space, yet we believe it has huge potential for growth through innovative digital solutions for financial services. We want to enable SMEs who have difficulty accessing timely funding due to lack on security or necessary documentation. The investment from IAN will act as a catalyst to further our goals. Not only will it help us accelerate our business growth but also build new product capabilities,” said Shalabh Mohan and Vivek Kumar, Co-Founders, Indium Finance , in a joint statement.
Founded in 2019 by Shalabh Mohan and Vivek Kumar, Indium Finance claims to work with several corporate and B2B e-commerce partners, giving it access to more than 25,000 distributors, dealers and resellers. The company also plans to use the investment to work with new corporate and e-commerce partners to double the aforementioned access over the next six months.
“We see Indium Finance as an exciting opportunity as the company seeks to bridge the SME financing gap by providing credit and cash management solutions to the distributor, retail and wholesale segments. The co-founders of the company come from the banking industry themselves. , understand the lack of suitable financing options for working capital. Hence, their vision to help the SME community will help reduce the debt gap. We are happy to associate with such a pioneering company,” Sanjay Rishi and Raman Roy, investors, IAN, said in a joint statement.
IAN is a business network with close to 500 members worldwide, which claims to include a who’s who of successful entrepreneurs and dynamic CEOs.
According to international industry association, India’s retail segment was estimated at USD 833 billion in 2020 and is expected to reach USD 1.3 trillion by 2023. Based on an IFC survey, the debt gap in Indian SMEs is pegged at INR 19 trillion.
