Indium Finance, a Mumbai-based fintech start-up platform for distributors, wholesalers, and retailers has raised INR 4.5 Cr from Indian Angel Network (IAN). The IAN top investors, Sanjay Rishi, Raman Roy, and Manipal Group, led the investment round.
Founded in 2019 by cofounders Shalabh Mohan and Vivek Kumar, the business-to-business-to-consumer (B2B2C) company, offers innovative digital financing solutions for business-to-business (B2B) purchases migrating to online platforms.
Through their businesses, the fintech startup offers an accessible and affordable financing solution to the underserved community of small-to-medium enterprise (SME) borrowers, bridging the gap in working capita financing options for trade businesses to buy inventory.
With the help of its multiple corporate and B2B e-commerce partners, Indium Finance has access to more than 25000 distributors, dealers, and retailers. Furthermore, the Non-Banking Financing Company (NBFC) plans to use the investment to collaborate with new corporate and e-commerce partners to double the mentioned access in the next six months.
According to the cofounders of Indium Finance, “A lot is being done in the SME space, but still, we believe that it has a huge potential for growth through innovative digital financial services solutions. We will enable SMEs that face difficulties accessing timely financing due to a lack of collateral or required documentation. The investment from IAN will act as a catalyst to further our goals. Not only will it help us accelerate our business growth, but also build new product capabilities.”
Commenting on the investment, Rishi and Roy, lead investors at IAN, said, “We see Indium Finance as an exciting opportunity as the company is trying to bridge the SME finance gap by providing credit and cash management solutions to the distributor, retailer, and wholesaler segments. Vivek and Shalabh, being from the banking industry themselves, understand the lack of suitable working capital financing options. Hence, their vision of assisting the SME community will help narrow the debt gap. We are delighted to be associated with such a trailblasing company.”
Indium Finance is a Fintech NBFC platform that offers ‘Buy Now Pay Later’ solutions and distribution finance to SMEs in collaboration with corporations and B2B e-commerce platforms.
Founded in 2006, the IAN keen to invest in early-stage businesses which have the potential to create disproportionate value. The members of the Network are leaders in the entrepreneurial ecosystem as they have had strong operational experience as CEOs or a background in creating new and successful ventures. In addition to funds, it provides constant access to high-quality mentoring, vast networks, and inputs on strategy as well as execution.
Also Read | FY 2022-23 will be the year of Buy-now-pay-later: Uday Chaudhari, Senior Director, Technology, Synechron
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