Deeptech-driven financial solutions provider ProFinTech Technologies has raised $1.4 Mn (around INR 11.8 Cr) in a seed funding round led by the family offices of K.I. Varaprasad Reddy and Rahul Gedupudi among others
The funding round also saw participation from the family offices of Sreeman Chalasani and Srinivas Kalagara, along with a host of high-net-worth individuals (HNIs) and family offices from India and the US
The fresh proceeds will be deployed to boost ProFinTech’s platform, which provides micro and small enterprises across India with easy access to financing options
Deeptech-driven financial solutions provider ProFinTech Technologies has raised $1.4 Mn (around INR 11.8 Cr) in a seed funding round led by the family offices of K.I. Varaprasad Reddy and Rahul Gedupudi among others.
The funding round also saw participation from the family offices of Sreeman Chalasani and Srinivas Kalagara, along with a host of high-net-worth individuals (HNIs) and family offices from India and the US.
The fresh proceeds will be deployed to boost ProFinTech’s platform, which provides micro and small enterprises across India with easy access to financing options. Besides, the funding will primarily drive the firm’s business expansion into south and western regions of India.
The company said in a statement that it is in plans to strengthen partnerships with forward-thinking banks and nonbank financial companies (NBFCs), to scale their supply chain and trade financing operations.
Founded in 2022 by Ravi Tanniru and Sandeep Kunkunuru, ProFintech Technologies offers tailored financing solutions that address the specific challenges for MSMEs in the country.
The company claims to have introduced several first-to-market innovations, including automated financing recommendations, transaction-level credit readiness scores, zero processing fees, and live-transaction funding in under one second.
Tanniru said, “This funding will accelerate our growth and allow us to introduce highly innovative solutions to the market. Our data-driven approach will empower countless MSMEs to drive business growth and generate more employment opportunities.”
Additionally, the Hyderabad-based company is set to introduce new product features and enhancements designed to benefit MSMEs in scaling their businesses effectively.
This development comes at a time when fintech startup Validus Fintech Services also secured an undisclosed capital as a part of its seed funding round from AUM Ventures and a clutch of strategic investors, in July.
