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Mumbai-based fintech startup axiTrust Surety is raising INR 22 Cr in a seed round led by US-based VC firm General Catalysts
A mail sent to axiTrust Surety’s cofounders Aditya Tulsian and Mukund Daga didn’t elicit any response at the time of publishing this story
Founded in 2024 by Aditya Tulsian, Mukund Daga, and Rajeev Chari, axiTrust Surety offers micro surety bonds to micro and medium, small enterprises (MSMEs) .
Mumbai-based fintech startup axiTrust Surety is raising INR 22 Cr (about $xx Mn) in its seed round led by US-based VC firm General Catalyst.
As per the startup’s regulatory filings, the seed funding round will also see participation from Veltis Capital, Good Capital, AngelList, among others.
A mail sent to axiTrust cofounders Aditya Tulsian and Mukund Daga didn’t elicit any response till the time of publishing this story.
Founded in 2024 by former numberz cofounders Tulsian and Rajeev Chari, and Daga, who was the former head of credit solutions at AON India, axiTrust offers micro surety bonds to micro, small and medium enterprises (MSMEs).
How axiTrust Aims To Free Up Capital For MSMEs
Most MSMEs in the country provide bank guarantees for contracts and orders, which ties up their valuable resources. axiTrust aims to solve this problem by providing surety bonds and other innovative financial products by leveraging technology. The startup also offers consulting services to MSMEs to provide them solutions as per the needs of their business.
For this, it has a technology platform, which axiTrust claims integrates with the existing systems of the enterprises to provide them real-time insights.
It is pertinent to note Tulsian and Chari bring with them experience in the financial services segment. Their previous venture numberz, which provided a receivables management platform, was acquired by fintech SaaS unicorn Chargebee.
As per its LinkedIn page, axiTrust has around eight employees currently. A part of the fresh capital is likely to be used to increase its headcount. Besides, the funds will also be used to build apps and for marketing.
The startup is trying to get a share in the country’s rapidly growing fintech market, which is expected to clock 18% CAGR and reach a size of $2.1 Tn by 2030.
General Catalyst Bets Big On India
For US-based General Catalyst, this marks yet another investment in an Indian startup. The VC firm, which counts unicorns like CRED and Uni Cards in its portfolio, acquired Indian investment firm Venture Highway last year to expand its presence in India.
Post the merger, General Catalyst was said to be looking to invest $500 Mn to $1 Bn in early stage startups in the country.
Since the merger, the VC firm has made a number of investments in India, including Myntra and Cultfit founder Mukesh Bansal’s Nurix AI and eldercare startup Primus Senior Living.
In October last year, General Catalyst launched its eight fund and raised $8 Bn for it.
