Sunday, September 25, 2022
HomeInsightFunding Alert Recur Club raises $30 mn in Seed funding round

[Funding alert] Recur Club raises $30 mn in Seed funding round

Recur Club
Recur Club

Singapore-based Recur Technologies PTE, a financing platform has raised $30 million in Seed funding round from InfoEdge Ventures, the investment arm of Info Edge (India) and Bill Gates and Jeff Bezos-backed Village Global.

Raised funds in this seed funding round by fintech startups are said to be one of the largest seed funding rounds in the country.

The startup plans to use the funds to increase hiring in key verticals and expand in India and other geographies like Asia Pacific (APAC) region, invest in technology and grow the enterprise. They will use the capital to strengthen their artificial intelligence (AI) and machine learning-powered underwriting software to better measure potential customers.

New Delhi based Recur Club was founded in 2021 by IIM-Calcutta batchmates Abhinav Sherwal and Eklavya Gupta, It is a trading platform for recurring revenue companies to trade their contracts/subscriptions.

The founders of the fintech firm said the startup leveraged the financial acumen of its team members with technology to build an AI-powered financial model, reportedly a first in the country.

“Firms in the IT sphere have highly predictable cash flows with the only problem being lagging revenues. We finance them against these anticipated cash flows”, said, Eklavya Gupta, co-chief executive officer at Recur Club.

Elaborating on the revenue model, Abhinav Sherwal said that the company charges ‘dynamic’ charges for its services. The fee varies from customer to customer and depends on the size and area among other parameters.

The startup aims to unveil its products in the US and Singapore in the coming few days.

Abhinav said the startup primarily focuses on B2B subscriptions, it is especially open to startups in the domains of SaaS, edtech, tech services and direct-to-customer (D2C).

He also said that it is running pilots to test the feasibility of the platform for other domains such as media.

Recur Club aims to reach over 2,000 customers and add $1 billion in tradable revenue in the coming future.

Last year in January, Recur Club invested $1.6 million in HR tech startup Keka.

About Recur Club

Recur was founded by a diverse team of IIMs, IITs, BITS, KJ Somaiya, and NSIT alumni. they are a team of passionate entrepreneurs with rich experience across private equity, fixed income, product management, technology, data science, and analytics and working with Leading SaaS companies and financial institutions in India and globally.

In the past, their team has significant experience working at global companies like Bank of America, Gartner, Nomura, Airtel, Nokia, Samsung, JP Morgan, Kotak, Michael Page, MakeMyTrip, etc.

Recur is a revolutionary trading platform facilitating financing for all types of Companies with Recurring Revenues. They have unlocked an all-new asset class to simplify the way financing works for companies. Their platform allows companies to trade their recurring revenue contracts/subscriptions as a tradeable asset class. Companies are able to convert their Monthly Recurring Revenue to upfront growth capital at the click of a button.

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