FinAGG Raises $3M in Pre-Series A Funding
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FinAGG Technologies, a Noida-based fintech offering cash flow-based supply chain finance, has raised $3m in a Series A funding round led by BlinC Invest. The round also saw participation from existing investor Prime Venture Partners. The company will use the fund to launch new products, expand current products to new cities, increase lending partnerships and invest in technology.
“We are very happy to find a fund that understands our space so well and we are ready to start the next chapter of our journey with BlinC Invest. We hope to leverage their combined experience and unique partnership philosophy to create fintech products that will fill the many gaps in MSME finance today and will cater to businesses that form the backbone of the Indian economy,” said Nipun Kohli, Co-Founder and CEO of FinAGG.
FinAGG believes that the financing gap for Indian MSMEs is just the tip of a very large iceberg and is committed to helping these businesses scale their businesses by providing innovative financing solutions. The company has partnered with more than 15 leading brands and has paid out over INR 1,200 crore till date, according to the company in a statement.
“The FinAGG team has a strong pedigree and is well positioned to create unique financing solutions for the ecosystem as a whole. FinAGG’s world-class technology with deep anchor integration will enable MSMEs to achieve a working capital cash flow at the click of a button. We are also excited to join Prime Venture in this journey,” said Amit Ratanpal, Founder and Managing Director of BlinC Invest.
Founded in 2020 by Nipun Kohli and R. Srinivasan, FinAGG is a new era supply chain platform focused on providing closed-loop credit solutions to distributors, retailers and MSMEs through its proprietary “Quick Cash Flow” platform.
According to reports, global supply chain finance volumes have grown significantly over the past few years, reaching $1.8 trillion in 2021 and are expected to grow at a CAGR of 17%.