Fintech startup Knight Fintech is in talks to raise fresh funds from new and existing investors, according to sources aware of the development. This would be the maiden funding round for the Mumbai-based company in 2023.
“Knight is raising nearly $10-12 million to be led by a top-tier venture capital firm while existing backers will participate as well,”said one of the sources requesting anonymity.
Four-year-old Knight Fintech is a new age banking technology company that provides full-stack banking tech solutions in the domain of co-lending, lending and treasury. The startup initially started working with cooperative banks and addressed their problems and challenges with treasury management solutions.
As per the company, it leverages cloud-first, API driven solutions to simplify the complex banking problems. It claims to have served over 60 financial institutions, including NBFCs and Banks.
According to sources, if nothing goes south at the last moment, the deal is likely to be materialized in a few weeks from now.
Knight Fintech’s co-founder Kushal Rastogi declined to comment on the story. Queries sent to Prime Venture Partners and 3one4 Capital did not elicit an immediate response. We will update the story in case they respond.
With headquarters in Mumbai and Singapore, Knight Fintech is backed by Prime Venture Partners, 3one4 Capital, and others. It is worth noting that the company has not announced its funding round officially.
Knight Fintech registered Rs 11.33 crore in revenue in FY22 with a profit of Rs 1.27 crore. According to the company, it has been profitable since inception and recorded Rs 21 crore revenue in FY23 and is expected to more than double to Rs 50 crore by FY24.
Update: The story has been updated to include the correct financial numbers of Knight Fintech and its forecast for FY24.
