ProFinTech Secures $1.4 Million in Seed Funding to Revolutionize Data-Backed Trade Financing
- ByStartupStory | August 29, 2024
ProFinTech Technologies, a pioneering data-as-collateral platform, has successfully raised $1.4 million in seed funding. The round, led by prominent high-net-worth individuals (HNIs) and family offices from India and the USA, marks a significant milestone in the company’s mission to transform trade financing for micro, small, and medium enterprises (MSMEs) across India.
The investment round was spearheaded by notable investors, including the family office of K.I. Varaprasad Reddy, Rahul Gedupudi, Sreeman Chalasani, and Srinivas Kalagara. The influx of capital is set to fuel ProFinTech’s expansion into South and Western India, while also strengthening its strategic partnerships with forward-thinking banks and non-banking financial companies (NBFCs). The company is poised to scale its supply chain and trade financing operations, providing much-needed support to MSMEs across the region.
Rahul Gedupudi, Founder of Kensium Solutions and one of the lead investors, expressed his enthusiasm for ProFinTech’s innovative approach to financing. “We believe in ProFinTech’s mission and are proud to support their efforts to revolutionize data-backed trade financing for MSMEs. Their technology-driven approach is exactly what the financial services industry needs at this moment to unlock new opportunities and fuel rapid economic growth in our country,” Gedupudi stated.
The newly secured funds will be channeled towards bolstering ProFinTech’s Sales, Marketing, and Operations teams, enabling the company to expand its reach and impact. Additionally, ProFinTech plans to introduce new product features and enhancements tailored to the needs of MSMEs, further empowering them to scale their businesses effectively with the platform’s support.
Ravi Tanniru, CEO and Founder of ProFinTech, expressed his gratitude for the backing received from investors. “We are excited and thankful for the confidence our investors have shown in our vision to transform financing in India. This funding will accelerate our growth and allow us to introduce highly innovative solutions to the market. Our data-driven approach will empower countless MSMEs to drive business growth and generate more employment opportunities,” said Tanniru.
ProFinTech has already forged strategic partnerships with several leading banks and NBFCs in India. Looking ahead, the company aims to collaborate with finance partners who align with its data-centered financing model and unique transaction-led financing framework, ensuring a robust and sustainable growth trajectory.