Recur Club Bags $30 Mn via InfoEdge Ventures in Seed Funding Round
- ByStartupStory | April 19, 2022
Abhinav Sherwal, was enjoying his sabbatical in the Himalayas, after putting in his papers at Gartner. He received a call from his fellow IIM-Calcutta alumni and close friend Eklavya Gupta about a ‘million-dollar’ idea, twenty days into the retreat. Sherwal came and met Gupta and, in a span of a week, brainstormed an idea that would later transform into Recur Club, after cutting short his trip.
The fintech startup raised $30 Mn in its seed funding round, one of the largest in the country, on Monday. With participation from Bill Gates and Jeff Bezos-backed Village Global, the funding round was led by InfoEdge Ventures.
Sherwal said that to ramp up hiring across key verticals and to fuel expansion in India and other geographies, the startup will use the funding. To invest in technology and in scaling up the venture, it will also use the capital. In order to strengthen its artificial intelligence (AI) and machine learning-powered underwriting software to better gauge prospective clients, the startup will also use the investment.
The startup founded in April 2021, went live in August last year. Recur Club in simple terms, calls itself a ‘trading platform’ that offers upfront capital in lieu of recurring revenue via subscription-based financing. Its AI platform has been leveraged by the fintech startup in order to deduce subscriptions availed on the platform and combines it with public data available online so as to formulate the ‘Recur Grade’ of the startup. Venture capital (VC) fund managers based on that, can bet on the platform and offer fundings accordingly to these startups.
The startup leveraged the financial acumen of its team members, coupled with technology, in order to create an AI-driven financial model that purportedly is one of the first in the country has further been asserted by the duo.
Follow Startup Story
Related Posts
