Funding Alert

Fintech startup IOUX is looking to raise $10 mn for the ease of doing business

• ByStartupStory     |    June 6, 2022

 

IOUX, a fintech startup that specialises in offering a comprehensive solution to execute legal and financial agreements to promote ease of doing business, is hoping to fund $10 million (about Rs 77 crore) in the next months, according to co-founder Vineet K Sachdev. He also stated that the business would be using blockchain technology on the IOUX platform to assist MSMEs in establishing their performance and credit worthiness in order to obtain funding from banking institutions on simple and inexpensive conditions.

Over 15,000 consumers use the service, including 3,000 enterprises and microfinance institutions. Patents for a secure system and method for producing and monitoring a smart contract utilising a computer-implemented distributed ledger, as well as a contractual dispute resolution process, have been issued by the government.

Vineet K Sachdev, the co-founder said that the firm previously raised $500 K in a small seed round. The firm is hoping to raise roughly $10 million in the next three months. That is something we will strive towards. The company is also in talks with the venture capital firms about it right now. And it is searching for venture capital businesses that specialise in legaltech and fintech, particularly those that use blockchain technology.

H P Kumar, the co-founder of IOUX, noted that the platform aids in the resolution of finance, compliance, and legal agreement documents, promoting ease of doing business and improving the country’s business environment, particularly for the MSME (micro, small, and medium businesses) sector. Kumar went on to say that the platform makes conducting business easier by expediting contract execution and enforcement. The firm’s fintech and legaltech services are unique, and there is no other company in India that provides such services in an integrated manner. Also the organisation has applied for three patents and has been granted two of them.

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