SUMMARY
The $3 Mn Pre-Series A funding round was led by BLinC Invest
Existing investor–Prime Venture Partners has also taken part in the investment round
FinAGG will use the fresh capital to launch new products, expand existing products in new cities, grow lending partnerships, and invest in tech platform
Fintech startup FinAGG has raised $3 Mn in its Pre-Series A funding round led by BLinC Invest.
Existing investor–Prime Venture Partners has also participated in the funding round.
FinAGG will use the fresh capital to launch new products, expand existing products in new cities, grow lending partnerships, and invest in tech platforms.
“FinAGG team has a strong pedigree and are well poised to create unique financing solutions for the ecosystem at large. Its world-class technology with deep anchor integration will enable the MSME to obtain working capital cash flow at the click of a button,” said Amit Ratanpal, founder and MD, BLinC Invest.
Founded in 2020 by Nipun Kohli and R. Srinivasan, FinAGG offers credit solutions to distributors, retailers and MSMEs that are part of a brand’s supply chain. In essence, it partners with large brands and then onboards distributors, suppliers, and retailers to offer credit facilities to them.
FinAGG offers credit facilities across diverse industries including FMCG, textile, packaging, pharmaceuticals, consumer electronics, fertilisers and chemicals, and construction, among others.
“We are geared to set out on the next chapter of our journey with BlinC Invest. We hope to take advantage of their combined experience and partnership to create fintech products that will fill gaps in MSME financing today and cater to the companies that comprise the backbone of the Indian economy,” said Kohli, cofounder and CEO of FinAGG.
Prior to founding FinAGG, both the founders were full-time entrepreneurs. Kohli cofounded Priority Vendor whilst Srinivasan cofounded Entitle Tech Solutions.
According to FinAGG, global supply chain financing volumes have grown to $1.8 Tn in 2021 and are expected to grow at a CAGR of approximately 17%.
The fintech startup claims to have partnered with over 15 brands and disbursed over INR 1200 Cr to date.
AyeFinance, Kinara Capital and LendingKart are a few startups among others FinAGG competes with.
As per an Inc42 report, the country’s fintech industry is expected to become a $1.3 Tn market by 2025, surging at a CAGR of 31% between 2021 and 2025. Of this, lending tech is a subsector that will account for $616 Bn market share by 2025.
