B2B Fintech QuiD Cash Announces USD 4.5 mn Pre-Series A Fundraise The funding round was led by new investors, alongside existing investor MINTCAP. The company said in a press release that it plans to use the funds to invest in technology and aid further growth.
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QuiD Cash, a Bengaluru-based B2B supply chain digital lending platform, has raised USD 4.5 million in equity and lending capital while also announcing the launch of QuiD capital, an in-house non-banking financial company (NBFC) facilitating anchor-led invoice financing
The funding round was led by new investors, alongside existing investor MINTCAP. The company said in a press release that it plans to use the funds to invest in technology and aid further growth.
Piyush Jain, Angel Investor and director of Shrem Group of Companies, said "The supply chain finance in India as a segment is huge and growing at a rapid phase. QuiD's proprietary technology is built to enable growth by offering seamless working capital to businesses. QuiD aims to leverage advanced technologies like AI and ML to enable millions of retailers."
Vikram AG, Co-founder, said "QuiD's unique risk pricing model, inputs a wide range of unconventional and conventional data points, modeling and pricing the risk dynamically. This data science approach with in-house NBFC helps anchors in unlocking off-balance sheet financing by covering maximum retailers seamlessly."
QuiD Co-founder Subhash Gupta said "With the strong demand coming from the market, funds raised will be deployed towards further investment in technology and growth. QuiD's hero product "Pay-in" solution suite for suppliers includes Pay Now and Pay Later at invoice level with automated reconciliation and reporting capabilities, will be further enhanced with suppliers ERP Integration."
The Fintech startup caters to the last mile distribution network and aims to serve 5 lakh Indian retailers and distributors across various industries. According to the company, it currently operates more than 20 large offline distributors, B2B marketplaces, and B2B e-commerce platforms.
