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.
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.
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.