MSME Receives Funding From Razorpay To Scale Its Operation And Develop New Technologies
- ByStartupStory | June 21, 2021
After receiving funding from the World Bank a couple of weeks back, MSME receives funding from Razorpay and TNF Investments. MSMEx, which is a business advisory platform for micro, small and medium enterprises (MSME) in India, has raised around $1 million in a funding round led by both digital payments firm Razorpay and investment firm TNF Investments.
The fresh capital MSMEx received from Razorpay will be used in making a deep learning-based recommender system, a live chat system and an artificial intelligence-based behaviour analytics system. MSMEx was founded in 2019, by Amit Kumar offers live business sessions for MSME owners throughout India, also helps them in connecting to online buyers world wide. It currently operates in English, but plans to develop content in Hindi and other regional languages to attract the non-Hindi speaking population in India.
After the second wave of covid 19 badly hit the country, the fact that MSME receives funding from Razorpay has been great news for those small time workers who are still recovering from covid. “Not every micro-business owner gets access to world-class business education or mentors and advisers, as 90% of them are located outside metro cities. MSMEx is taking structured business education and advisory services to every corner of India, to create future leaders of the Indian economy,” Kumar said.
Razorpay co founder had said ,”While this unprecedented situation has forced the MSME segment to adopt everything new and leverage this as a once-in-a-lifetime opportunity, there’s been a need for startups and small business owners to be well-enabled to make informed decisions and move in the right direction,”
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