The Pre-Series A round of funding for Noida-based FinAGG Technologies‘ cash-flow-based supply chain financing was led by venture capital firm BLinC Invest. Prime Venture Partners, an established investor, also took part in this round.
The company will use the additional funding to introduce new products, expand existing ones in new cities, strengthen lending alliances, and make technology investments.
Founded by Praveen Kumar and Nipun Kohli in 2020, FinAGG’s platform is trusted by over 20 of the largest corporate Houses in India. In such a short span of time Finagg has been disrupting the lending market.
“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”, Nipun Kohli, Co-Founder and CEO of FinAGG said.
Founded and led by experienced professionals, who have been leaders in the finance Industry. Their Founders have been part of VC funded organisations earlier and have successfully exited it to large global companies.
“FinAGG team have a strong pedigree and are 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”, Amit Ratanpal, Founder and MD, BLinC Invest said.
“FinAGG’s strong growth since inception is a testament to its unique solution which addresses a massive opportunity – providing MSMEs with credit for short periods of time. This helps increase sales and decreases stock outs, ensuring no demand goes unserved. We are privileged to be associated with this team from the start of their journey and welcome the team at BLinC to transform MSME financing in India”, said Mr. Sanjay Swamy, Managing Partner at Priven Advisors LLP (Prime Venture Partners).
About FinAGG Technologies
Finagg is a young Fintech organisation, on a path to create and help finance India’s largest Distributor and Retailer network.
FinAGG has kept the SME/MSME and retailers of Atmanirbhar Bharat at the forefront of their vision, and are championing them as they represent the backbone of a large portion of the creation and consumption ecosystem throughout the country.