Thursday, June 8, 2023
HomeInsightFunding Alert Fintech platform BridgeUp raises $1 mn in Seed funding

[Funding alert] Fintech platform BridgeUp raises $1 mn in Seed funding

Fintech platform BridgeUp
Fintech platform BridgeUp

BridgeUp, a recurring revenue trading platform has raised $1 million in Seed funding from marquee investors and industry stalwarts.

The lead investor in this round is Darshan Patel – Founder, Vini Cosmetics. Many investors including Kunal Haria – Principal, IIFL Wealth, and Aaryaman Vir – Cofounder, Prophetic Ventures, Rajesh Doshi – Founder & Managing Director of Steer Advisors, Rohan Suri – Director, KKR & Co, Ankit Aggarwal – Principal, KKR & Co., Sumeet & Hemant Kabra -, RR Global and Harman Sachdeva also participated in this round.

Mumbai-based Bridgeup was founded in 2020 by Zeus Dhanbhura, It provides upfront capital by allowing recurring revenue companies like SaaS to quickly trade-off their monthly or quarterly revenue streams for their annual value.

BridgeUp enables transactions without compromising or reducing the equity of the company.

“The company plans to utilize the funds for product development, team expansion, and further scaling up operations. We have facilitated significant disbursal in capital to companies on our platform. The types of companies range from B2B SaaS, EV Charging, Services to co-working spaces and more; we are attracting a healthy mix across the entire target segment of recurring revenue-based companies. The total volume of contracts on our platform is in excess of $150m already”, said, Zeus Dhanbhura, Founder & CEO, BridgeUp.

“BridgeUp is a fascinating tool that should have been here in India a long time ago. The need for a product like this which gets you access to capital within days cannot be overstated”, said, Darshan Patel, MD and Founder of Vini Cosmetics.

“My interaction with BridgeUp has been great. I called Zeus and he had a bid lined up for me within 24 hours and the cash was in our account within a week. Now, we have access to a line of capital that we can draw upon anytime within 24 hours. This access to quick capital that BridgeUp provides is invaluable for founders who have achieved product market fit. BridgeUp works beautifully for SaaS founders, but I can imagine it working for a lot of other kinds of companies with recurring revenue as well. I have already given BridgeUp our capital requirements for the rest of the year”, said, Vijay Yalamanchili, CEO & Founder of Keka HR.

“We believe BridgeUp’s offering is global in nature and provides a win-win both for the companies that borrow and for the investors who lend – fulfilling a required gap in the capital markets across the globe”, said, Rajesh Doshi – Founder, Steer Advisors.



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