The startup plans to use the fresh capital for scaling up its financial and lending services as well as to improve tech and innovation stacks
In June last year Credflow acquired Y Combinator-backed business management startup TechBiz
CredFlow is a cash flow management SaaS platform that helps SMEs manage their finances
Fintech startup CredFlow has raised INR 31.2 Cr (around $3.7 Mn) in its Pre-Series B funding round co-led by existing investors Inflexor Ventures and a Singapore-based family office.
The New Delhi-based startup plans to use the fresh capital for scaling up its financial and lending services as well as to improve tech and innovation stacks.
Founded in 2019 by Kunal Aggarwal, CredFlow is a cash flow management SaaS platform that helps SMEs manage their finances by providing a dashboard of pending amounts by customers, sending timely payment reminders, validating invoices and negotiating discounts for early payment.
“This milestone brings us closer to our vision of becoming the ultimate financial operating system and trusted growth partner for small and medium-sized businesses across India” said Aggarwal.
In June last year Credflow acquired Y Combinator-backed business management startup TechBiz in an all-cash deal.
India’s fintech space has been gaining a lot of traction from investors for quite sometime now.
For instance, in September, M2P Fintech announced the first close of its Series D financing, raising INR 850 Cr ($101 Mn) through a combination of primary and secondary deal, led by Helios Investment Partners. This funding round values the company at over INR 6,550 Cr ($783 Mn).
In the same month Healthcare NBFC Care.fi secured a total of INR 8 Cr in debt funding from Wint Wealth (INR 5Cr) and an impact investment of INR 3 Cr from Caspian Debt.
Meanwhile, in August IppoPay secured an undisclosed funding from CaratLane’s founder Mithun Sacheti and Jaipur Gems’ chief executive officer Siddhartha Sacheti.
Similarly in July,Validus Fintech Services Pvt Ltd secured an undisclosed capital as a part of its seed funding round from AUM Ventures and a clutch of strategic investors.
The Economic Survey 2023-24 highlighted that the country’s digital public infrastructure (DPI), India aims to emerge as a ‘fintech nation’ housing the highest number of fintech firms.
Interestingly, the country also aims to have the highest fintech adoption rate in the world.
According to Inc42 data, India has over 24 fintech unicorns, and 36 soonicorns. These startups are trying to grab a pie of the country’s fast-growing fintech market which is expected to become a $2.1 Tn opportunity by 2030.
