Mithi Software, a SaaS startup, has secured an undisclosed amount of funding totaling $500,000 (approximately Rs 4.12 crore) from Recur Club, a revenue-based financier.
Utilizing the newly acquired funds, the Pune-based startup intends to enhance its product offerings and expand its marketing initiatives to increase cash flows, as per reported by VCCircle.
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Tarun Malavia is the founder of Mithi, a company that provides Software-as-a-Service (SaaS) tools designed to protect, provide visibility, and improve agility for crucial business data. Mithi has been operating as a bootstrapped organization but is planning to seek funding from venture capital firms soon.
“Financial costs of raising capital through Recur Club are offset -were set off by the savings that we made through paying our expenses upfront with Recur Club Financing,” said Malavia, founder and chief executive officer, of Mithi Software.
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In January, InCruiter, a tech startup that focuses on human resources, raised Rs 1 crore in revenue-based funding through a round led by Recur Club. Additionally, the platform established a capital pool of $15 million to provide temporary financing to startups affected by the collapse of Silicon Valley Bank in March.
