IAN Invests INR 4.5 Crore In Fintech NBFC Indium Finance
The fintech platform plans to utilize the fund for accelerating the acquisition of new customers, building the product platform to provide customized solutions, ad expanding the sales ad technology teams
Indium Finance, a Mumbai-based B2B fintech NBFC platform for distributors, wholesalers and retailers, has raised INR 4.5 from Indian Angel Network (IAN). The investment round was led by IAN lead investors Sanjay Rishi, Raman Roy and Manipal Group. The fintech platform plans to utilize the fund for accelerating the acquisition of new customers, building the product platform to provide customized solutions, ad expanding the sales ad technology teams.
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"A lot is being done in the SME space, but still, we believe that it has a huge potential for growth through innovative digital financial services solutions. We will enable SMEs that face difficulties accessing timely financing due to a lack of collateral or required documentation. The investment from IAN will act as a catalyst to further our goals. Not only will it help us accelerate our business growth, but also build new product capabilities," said Shalabh Mohan and Vivek Kumar, co-founders, Indium Finance, in a joint statement.
Founded in 2019 by Shalabh Mohan and Vivek Kumar, Indium Finance claims that it is working with multiple corporate and B2B e-commerce partners, giving it access to more than 25000 distributors, dealers and retailers. The company also has plans to use the investment to collaborate with new corporate and e-commerce partners to double the mentioned access in the next six months.
"We see Indium Finance as an exciting opportunity as the company is trying to bridge the SME finance gap by providing credit and cash management solutions to the distributor, retailer and wholesaler segments. The co-founders of the company, being from the banking industry themselves, understand the lack of suitable working capital financing options. Hence, their vision of assisting the SME community will help narrow the debt gap. We are delighted to associate with such a trailblazing company," said Sanjay Rishi and Raman Roy, investors, IAN, in a joint statement.
IAN is a business network with close to 500 members across the world, claims to comprise the who's who of successful entrepreneurs and dynamic CEOs.
As per international trade association, India's retail segment industry was estimated at $833 billion in 2020 and is expected to reach $1.3 trillion by 2023. Based on an IFC survey, the current Indian SME debt gap is pegged at INR 19 trillion.
