Velocity raises $20M in Series A funding
Velocity recently raised $20 million in its Series A round of funding led by Valar Ventures. The company plans to use the capital raised to develop and improve its product offerings.
Velocity CEO and co-founder Abhiroop Medhekar stated, “Our vision is to build the future of business financing in India. We are glad to partner with high-conviction investors like Valar since our early days. They have re-affirmed their belief in Velocity by doubling down and leading our Series A. We are already India’s largest revenue-based financier and keen to use this funding to build multiple world class products for thousands of new age businesses.”
The Bengaluru-based startup was founded in 2020 and had aimed to establish revenue-based financing as a credible alternative for ecommerce businesses in India.
Commenting on the investment, Valar Ventures’ Andrew McCormack said, “Since our last investment, Velocity has grown 10X and secured the lead position in this fast-growing market. Despite this exponential growth, their portfolio quality remains strong. We were impressed by their strong customer orientation, tech-product DNA, and ambitious growth plans.”
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