NCOME Secures INR 3.6 Cr Funding Led By Venture Catalysts, 9Unicorns, PointOne Capital and LetsVenture
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Escrow-as-a-Service (EaaS) platform NCOME said on Tuesday to have raised INR 3.6 crore in a pre-seed funding round led by Venture Catalysts and PointOne Capital. The idea-phase accelerator fund 9Unicorns also participated in the round, along with angel investment firm LetsVenture among others.
The company has said to provide enterprise and individual customers with fast, secure, and low-cost digital escrow service.
“We are overwhelmed by the response that we’ve got from investors during these times. EaaS is a huge, underserved opportunity and we feel privileged to be amongst the first movers in this space. Our initial traction is outstanding and more importantly industry-agnostic and it vindicates our belief that we are solving a large problem and a large, profitable business can be built in doing so,” said Vineet K. Singh, co-founder, NCOME, while speaking on the investment.
The startup leverages technology to streamline conventional processes through online KYCs and digital escrow account openings.
“Fintech is one of the most promising and exciting sectors in India and played a major role in keeping the economy ticking during the COVID-19 outbreak. NCOME represents the next phase of the industry’s exponential growth trajectory and is addressing a massive market white space with its unique service offering. We are confident that, with an experienced founding team at its helm, it will drive greater fintech disruption by democratizing digital escrow transactions for all,” stated Dr. Apoorva Ranjan Sharma, co-founder, and president, Venture Catalysts and 9Unicorns, in the following statement.
With an easy-to-use account management suite, the platform also enables its customers to manage their digital escrow accounts in a hassle-free manner.
“We believe NCOME will be democratizing the escrow service which is very much needed for the gig economy and rise of marketplaces. It will usher in a new era of secure transactions for both buyers and sellers,” concluded Archana Priyadarshini, general partner, PointOne Capital.