B2B Fintech platform BharatNXT Raises $1.2 Million Seed Fund The funds will be utilized to invest in product development and expanding the team size by 4 times and enhancing the scalability of the core technology to accommodate ten times the current growth
By Teena Jose
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BharatNXT, a B2B fintech platform in the financial technology sector, has raised $1.2 million in a Seed Round led by Inflection Point Ventures. The round also saw participation from Japanese VC - Spiral Ventures, Keiretsu Forums, and Panthera Peak Capital. The funds will be utilized to invest in product development and expanding the team size by 4 times and enhancing the scalability of the core technology to accommodate ten times the current growth.
"We have hit hockey stick growth, crossed more than 1500 crore in GTV and expect to be doing INR 1000 crore per month by the end of FY 23," said Akshat Birla, founder and CEO, BharatNXT.
Founded in 2022, BharatNXT is a payment platform that allows small and medium-sized businesses to use credit cards for their B2B transactions. The platform is integrated with various portals, which allow for instant or T+1 settlements for all business payments, including GST, utility, and vendor payments.
"Entrepreneurs with good CIBIL scores that already have credit cards with pre-approved limits still don't have easy access to formal credit to manage their working capital. This is where BharatNXT steps in and provides an avenue via their platform for these entrepreneurs to make business payments like GST, Vendor Payments, Utility, Rent and much more. This provides these entrepreneurs real-time and paperless access to precious credit at low costs, if timed well, while unlocking precious additional payment days based on their credit card cycles," said Ankur Mittal, co-founder and COO, Inflection Point Ventures.
