Kredmint has raised about $2 Mn in a fresh funding round
Angel investors including CRED’s Kunal Shah, Parkplus’ Amit Lakhotia, Junio’s Shankar Nath and Unnati’s Amit Sinha, among others have participated in the funding round
The startup will use the capital to build tech solutions and meet working capital requirements of MSMEs
Fintech startup Kredmint has raised about $2 Mn in a fresh funding round. Two India-based venture capital (VC) firms (names not disclosed) and one Singapore-based VC firm have also backed the startup.
Besides, angel investors including CRED’s Kunal Shah, BharatPe’s Ashneer Grover, Park+’s Amit Lakhotia, Junio’s Shankar Nath, Unnati’s Amit Sinha, Yatra’s Manish Amin, BSE Ebix’s Sachin Seth, former Xiaomi CMO Jaskaran Kapany, Nearbuy’s Ankur Warikoo, former Paytm COO Renu Satti, Paytm’s Ajay Shekhar Sharma, Paytm First Games’ Sudhanshu Gupta and Mykare’s Senu Sam, among others also have invested in the funding round.
Kredmint will use the capital to build tech solutions and meet working capital requirements of MSMEs.
Founded in June 2022 by Paytm and music platform Gaana’s executives Vikas Garg, Rahul Nagar and Himanshu Arora, Kredmint offers customised working capital to medium, small and micro-sized enterprises (MSMEs) in the country.
Kredmint said that it partners with non-banking financial companies (NBFCs) to offer credit to MSMEs. Apart from meeting working capital requirements of MSMEs, the startup’s other product offerings include merchant cash advance, invoice discounting, term loan and inventory financing, among others.
“Over the last decade, we have seen the evolution of the digital payments ecosystem in India. We could see that all distribution channels expect the MSMEs to fund for inventory putting funding obligations on them. Hence they become constrained to grow their business to the next level,” Vikas Garg said.
Further, the startup offers transparent supply chain financing solutions to MSMEs via smart contracts and tokenisation. Also, as per the startup, it has started offering credit facility to MSMEs and plans to roll out its app shortly.
In India, PayVEDA, and Progcap are some of the fintech startups offering financing solutions to MSMEs and startups.
According to an Inc42 report, the country’s fintech industry is anticipated to cross the $1.3 Tn mark by 2025, growing at a 31% CAGR by 2025.
Of this, lending tech is a sub-sector that will capture 47% or $616 Bn by 2025.