Fintech startup Indium Finance raises INR 4.5 Cr from IAN
Indium Finance, a Mumbai-based fintech startup platform for distributors, wholesalers and retailers has raised INR 4.5 Cr from Indian Angel Network (IAN). IAN top investors Sanjay Rishi, Raman Roy and Manipal Group led the investment round.
Founded in 2019 by co-founders Shalabh Mohan and Vivek Kumar, the business-to-business-to-consumer (B2B2C) company provides innovative digital financing solutions for business-to-business (B2B) purchases migrating to online platforms.
Through its businesses, the fintech startup offers an accessible and affordable financing solution to the underserved community of small and medium-sized enterprise (SME) borrowers, bridging the gap in working capital financing options for trading businesses to purchase inventory.
With the help of several corporate and B2B e-commerce partners, Indium Finance has access to more than 25,000 distributors, dealers and resellers. Furthermore, the Non-Banking Financing Company (NBFC) plans to use the investment to partner with new corporate and e-commerce partners to double the said access over the next six months.
According to the co-founders of Indium Finance, “A lot is being done in the SME space, yet we believe that it has enormous potential for growth through innovative digital solutions for financial services. We want to enable small and medium-sized businesses that are struggling with to access timely financing due to lack of security or necessary documentation. The investment from IAN will act as a catalyst to advance our goals. Not only will it help us accelerate our business growth, but also build new product capabilities.”
Commenting on the investment, Rishi and Roy, lead investors in IAN said, “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, retailer and wholesale segments. Vivek and Shalabh, being 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 delighted to be associated with such a pioneering company.”
Indium Finance is a Fintech NBFC platform that offers ‘Buy now Pay later‘ solutions and distribution financing for SMEs in collaboration with companies and B2B e-commerce platforms.
Founded in 2006, IAN focuses on investing in early-stage businesses that have the potential to create disproportionate value. The members of the network are leaders in the entrepreneurial ecosystem as they have strong operational experience as a CEO or a background in creating new and successful businesses. In addition to funds, it provides constant access to high-quality guidance, vast networks and input into strategy as well as execution.
Read also | FY 2022-23 will be the year of Buy-Now-Pay-Later: Uday Chaudhari, Senior Director, Technology, Synechron
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