Many prominent angel investors like Kunal Shah (Cred), Rajesh Raju (managing director of Kalaari Capital), Aprameya Radhakrishna (koo), Ankit Nagori(Curefoods) also invested in this round.
The round also saw participation from Singapore-based RB investments Founder Bank Capital, iSeed Ventures, 2 am VC, LetsVenture and BoldCap.
The fintech startup plans to use the funds to acquire talent and further strengthen its product.
Bangalore-based Eximpe was founded in June 2021 by Arjun Abraham Zacharia, It works to facilitate cross-border trade by digitizing its workflow and providing financial services in partnership with certain Indian banks.
“We are working towards this goal of transforming cross-border commerce for SMEs (small and medium-sized businesses) by making cross-border payments digital, compliant with regulations, fast, cost-effective and transparent”, said, Arjun Abraham Zacharia, founder of Eximpe.
The fintech startup is expected to reach US$100 million in annual TPV (Total Payment Volume) execution fees by the end of this fiscal year.
Micro, small and medium enterprises such as MSME exporters largely face long payment cycles. Export finance or cross-border finance is still in the early stages of development in India.
Banks like Exim Bank and Bank of India provide services and products in the export finance segment.
“We look forward to being a part of the EximPe journey as it revolutionizes cross-border payments for Indian SMEs, which will inevitably lead to a further increase in export and import volumes”, said, Rajul Garg, founder of Leo Capital.
Eximpe is working with several SMEs to provide them a technology platform to increase their export and import volumes.
It is currently operational in India-China trade corridors, India-Gulf Cooperation Council countries and India-ASEAN.