B2B fintech platform BharatNXT has raised $1.2 million in a seed round led by Inflection Point Ventures. The round also saw participation from Japanese VC – Spiral Ventures, Keiretsu Forums, and Panthera Peak Capital.
The funds will be used for product development and expanding the team size by 4x and enhancing the scalability of the core technology to accommodate ten times the current growth, BharatNXT said in a press release.
Founded in 2022 by Akshat and Aljo, BharatNXT allows small and medium-sized businesses to use credit cards for their B2B transactions. This provides a credit extension of 45-50 days. The platform is integrated with various portals, which allow for instant or T+1 settlements for all business payments, including GST, utility, and vendor payments.
IPV invested in the firm in Jan 2023 when BharatNXT had already facilitated payments close to Rs 50 crore for approximately 10,000 SMEs. Since then the company claims to have grown 30x and has processed approximately 4 lakh transactions, which involve at least 6 million backend computations with 100% accuracy.
Inflection Point Ventures (IPV) is an angel investing platform with over 7400 CXOs, HNIs, and professionals to together invest in startups. IPV has announced the launch of a $50 million CAT 2 AIF Physis Capital to invest in pre-Series A to Series B growth-stage start-ups.