FinAGG Raises $3 Million In Pre-Series A Funding
The company will utilize the fund to launch new products, expand current products in new cities, augment lending partnerships and invest in technology
FinAGG Technologies, a Noida-based fintech offering cash-flow based supply chain finance, has raised $3 million in Series A funding round led by BlinC Invest. The round also saw participation from existing investor, Prime Venture Partners. The company will utilize the fund to launch new products, expand current products in new cities, augment lending partnerships and invest in technology.
"We are very excited to find a fund that understands our space so well and we are geared to set out on the next chapter of our journey with BlinC Invest. We hope to take advantage of their combined experience and unique partnership led philosophy to create fintech products that will fill the many gaps in MSME financing today and cater to the companies that comprise the backbone of the Indian economy," said Nipun Kohli, co-founder and CEO, FinAGG.
FinAGG believes that the gap in Indian MSME financing is the tip of a very large iceberg and they are determined to help these companies scale their businesses by providing innovative financing solutions. The company has partnered with more than 15 anchor brands and has disbursed over INR 1200 crore till date, claimed by the company in a statement.
"FinAGG team has a strong pedigree and is well poised to create unique financing solutions for the ecosystem at large. FinAGG's world class technology with deep anchor integration will enable the MSME to obtain working capital cash flow at the click of a button. We are also excited to join Prime Venture in this journey," said Amit Ratanpal, founder and MD, BlinC Invest.
Founded in 2020 by Nipun Kohli and R. Srinivasan, FinAGG is a new-age supply chain platform focused on providing closed-loop credit solutions to distributors, retailers and MSMEs via its proprietary platform 'Quick Cash Flow'.
As per reports, global supply chain financing volumes have increased significantly over the last few years, reaching $1.8 trillion in 2021 and are expected to grow at a CAGR of 17 per cent.