Supply-chain fintech startup NAKAD raises $7 million in its seed round funding from Accel and others
- ByStartupStory | May 25, 2022
NAKAD, a supply-chain-focused finance firm, announced on Wednesday that it has secured $7 million in a seed round led by Accel and Matrix Partners India, with AdvantEdge Founders participating. Angel investors included Razorpay’s Harshil Mathur and Shashank Kumar, Zetwerk’s Amrit Acharya and Rahul Sharma, Bizongo’s Sachin Agrawal, Aniket Deb, and Ankit Tomar, Uni Cards’ Nitin Gupta, and BCG’s Sharad Verma and Pranay Mehrotra (Managing Directors and Senior Partners).
The Delhi-based firm, which provides working finance to India’s supply chain micro, small, and medium businesses (MSME), said it will utilise the funding to expand its staff, product, and operations in India. NAKAD was founded in January 2022 by Ujwal Kalra, Sambhav Jain, and Avinash Uttav and provides invoice discounting services to MSMEs using its proprietary MicroBill technology infrastructure, which was previously inaccessible through official channels.
Ujwal Kalra, the CEO of NAKADI stated that he inherently recognised the tremendous credit crisis of MSMEs, resulting in their inability to develop their firm and pay their employees on time, coming from a family of Chartered Accountants and Industrialists. To create a seamless solution that benefits the whole ecosystem, the business has worked with several anchors, their supply base, banks, and NBFCs.
Prayank Swaroop, the partner at AccelCredit for MSMEs is a misnomer. Only large businesses may get B2B (business-to-business) supply chain finance today. This is due to the difficulty financial institutions have in obtaining verified information on transactions between OEMs, Tier I, II, and III suppliers. We’re ecstatic to work with the NAKAD team, who has created an incredible technological solution to this challenge and is addressing a major potential in deep-tier supply chain finance.
Vikram Vaidyanathan, the Managing Director, Matrix India, highlights the digitization landscape in India’s supply chain industry. The founders’ strategy of infiltrating major industrial networks with software and then increasing formal payments and credit penetration among MSMEs in that environment is unique.
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