Veefin, a supply chain finance startup, has raised $3 million in funding from Dubai based investor Rajesh Rajendran, the company said.
The funding will be used to build the company’s product and engineering teams to enhance SCF technology as per the market’s constantly evolving dynamics, it added.
Based out of Mumbai, Veefin which is operated by Veefin Solutions Pvt Ltd was co-founded by Gautam Udani and Raja Debnath. It offers provides financiers with the shortest implementation timelines for supply chain finance.
“Our solution has been developed by bankers, for bankers and is the most comprehensive by far in the market. With this funding, we will further amplify Veefin’s feature-rich platform, add further product lines, and ensure seamless customer service for our global clients,” Veefin’s co-founder and CEO, Raja Debnath said.
Rajesh Rajendran added, “Veefin is taking SCF and digital lending to new heights. Financial institutions have lately been focussing on SME lending and under that, there is tremendous interest in SCF. Veefin is one of the few names globally that is putting supply chain financing under the microscope and providing relevant and smart solutions to lenders.”
In similar space, private equity-backed Bizongo, which recently announced its latest fundraise of $110 million in Series D round led by New York-based Tiger Global Management, launched an online bidding platform for real-time seller and price discovery. It is also expanding its digital supply chain financing platform in partnership with top banks and NBFCs.
The company said it will use funds to expand product categories, services in more markets apart from Maharashtra, and improve the platform. Yodacart is currently operational in Mumbai, Navi Mumbai and Thane district.
Yodacart was started in 2019 as Adofix by Vikas Sharma, MBA-graduate from XLRI Jamshedpur, to provide last-mile and same-day delivery logistics services to ecommerce firms.
“So far, our specialisation has primarily been in five consumer electronics categories, including air conditioners, televisions, washing machine, refrigerator, and water purifier. Through this funding, we aim to further enhance the user experience for our customers, expand operations on a country-wide scale, and deliver efficient and easy solutions for the evolving customer of today,” said Sharma, founder and CEO at Yodacart.
Daniel added, “through this investment, I expect Yodacart to further enhance and deliver highly personalised and simplified product discovery solutions for its customers, fundamentally transforming customer experience.”
An XLRI alumni as well, Daniel is a limited partner (LP) in several investment funds and a serial entrepreneur with three exits worth over $200 million, and a strategic growth advisor to many start-ups.