Kredmint, which offers multiple working capital financing solutions for MSMEs, has scooped up around $2 million startup founders and angel investors including Kunal Shah, Ashneer Grover, Amit Lakhotia, Shankar Nath, Amit Sinha and Manish Amin among others.
This round has been joined by two India-based and one Singapore-based venture capital firm, Kreditmint said in a press release. The company, however, did not disclose the name of those VCs.
Launched by Vikas Garg, Rahul Nagar, and Himanshu Arora, Kredmint aims to support MSMEs by deeply understanding their business models and leverages data to offer them flexible and transparent supply chain financing solutions using smart contracts and tokenization.
According to Kredmint, it has already made the credit facility available to MSMEs and will launch its app shortly. The credit facility is done through partnership with non-banking financial companies (NBFCs). Besides working capital, its product suites include merchant cash advance, invoice discounting, term loan and inventory financing.
The Noida-based company further intends to build large scale tech solutions and solve working capital problems of MSMEs in a model similar to scale up of digital payments in India.