Reevoy India Pvt Ltd, which operates invoice factoring startup Reevoy, on Tuesday said it has secured $4 million (around Rs 30 crore) as a part of its seed round led by 9Unicorns and Venture Catalysts (VCATs).
The round also saw participation from Better Capital, Earlsfield Capital Partners, Cred Founder Kunal Shah, Anupam Mittal, Founder of People Group and CEO of Mswipe Technologies Ketan Patel.
Reevoy said it will invest the fresh funds in developing supply-chain technology and embedded finance capabilities.
The platform was set up in October 2020 by IIT Delhi, IIM, ISB alumni Ankur Khetan, Ishan Dadhich and Mohit Agarwal. It claims to help importers source high-quality products from Indian exporters and provide working capital to finance transactions.
The startup also enables fashion and home decor brands to purchase from India. Besides, its integrated tech platform helps to find the right exporters; streamline the production process - from design to final quality checks, and purchase the goods on credit.
Dexter Capital was the advisor to Reevoy for this deal. Earlier, in June 2021 - Reevoy raised $1 million in a pre-seed round.
“In today’s world, where ordering a Rs 50 coffee on an app gives us hundreds of restaurants to choose from and shows us minute-by-minute visibility on the order progress – it is surprising that export orders worth millions are being managed the same way they were 50 years ago.
Reevoy aims to turn this on its head, unlocking the India opportunity for global importers,” Ankur Khetan, Co-founder of Reevoy said.
Co-founder of 9Unicorns and VCATs Dr Apoorva Ranjan Sharma said, “Reevoy is a first of its kind startup that is using technology to solve some real pain points for the Indian exporters with regards to supply chain and payments, helping them compete globally.
With India’s share of global exports hitting record numbers and forecast to cross $400 billion in current fiscal, we expect massive opportunities for players like Reevoy.”