Kredmint raises $2 million in funding
- ByStartupStory | December 14, 2022
Kredmint Technologies Private Limited raises $2 million as part of its first round of funding. It is a new startup of Vikas Garg, the Ex-CFO of Paytm. The Cred founder Kunal Shah, BharatPe cofounder Ashneer Grover, Junio cofounder Shankar Nath, Nearbuy founder Ankur Warikoo, and Yatra cofounder Manish Amin were the other startup owners and entrepreneurs who presented in the round. The company was founded in 2022 and it is basically a technology platform for businesses.
“During our experience at Paytm, we realised that several merchants wanted quick and instant settlement. Most fintechs in the market are currently solving this problem for their own merchant base and payment pipes,”“Through Kredmint, we wanted to solve the problem for the larger B2B ecosystem. As opposed to other fintechs, we are a tech-first platform play, rather than building a credit-first model.”said by Vikas Garg.
“Kredmint offers multiple working capital financing solutions for MSMEs in partnership with non-banking financial companies (NBFCs) at the moment.””Over the last decade, we have seen the evolution of the digital payments ecosystem in India,. We could see that all distribution channels expect the MSMEs to fund for inventory putting funding obligations on them. Hence they become constrained to grow their business to the next level. We intend to build large scale tech solutions and solve working capital problems of MSMEs in a model similar to scale up of digital payments in India”. he added.
The company is Noida-based and its services range from providing a scalable order management system to help businesses in the management of their supply chain. Rahul Nagar the ex- vice president of business at Paytm, and Himanshu Arora ex-principal product manager at Gaana are the other co-founders. The company helps other businesses to launch unique services such as loyalty and discounts on its platform for their retailer and distributor networks. Also they help in the extending of supply chain financing to a business or its distributor and retailer network and financing through its non-banking finance partners (NBFCs). It has two NBFCs live on its platform and developed a loan book of around $1 million.
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