ENA MSME 2024-01-19 14:08:44 <p><span style="font-size:14px"><strong>New Delhi, Jan 19 (KNN)</strong> FinAGG Technologies, a fintech start-up, has successfully secured USD 11 million in its Series A funding round.</span></p> <p><span style="font-size:14px">It is a noteworthy milestone in FinAGGs mission to drive credit solutions for Micro, Small, and Medium Enterprises (MSMEs), reported Inc42.</span></p> <p><span style="font-size:14px">This funding is co-led by BlueOrchard and Tata Capital Limited, with participation from Small Industries Development Bank of India (SIDBI) and existing investor Prime Venture Partners.</span></p> <p><span style="font-size:14px">This substantial capital infusion is earmarked for expanding both offline and online presence, boosting global outreach, and driving innovative product solutions within the MSME credit sector.</span></p> <p><span style="font-size:14px">Established in 2020 by Nipun Kohli and R. Srinivasan, FinAGG specialises in providing credit solutions to distributors, retailers, and MSMEs integrated into a brands supply chain.</span></p> <p><span style="font-size:14px">Utilising the digital infrastructure of India, the start-up facilitates the on-boarding and underwriting of clients, offering convenient working capital solutions directly to MSMEs.</span></p> <p><span style="font-size:14px">Kohli said, The focus is on introducing block chain technology to revolutionise borrower evaluation, bringing a fresh perspective and depth to the underwriting process.</span></p> <p><span style="font-size:14px">Notably, strategic collaborations with BlueOrchard, Tata Capital, and SIDBI aim to drive climate insurance penetration, scale business operations, and enable growth through access to cost-effective funds.</span></p> <p><span style="font-size:14px">Srini Ramki, Co-Founder and CTO, FinAGG Technologies, said, The funds secured will play a crucial role in expanding our reach pan India.</span></p> <p><span style="font-size:14px">According to FinAGG, the untapped potential of the working capital industry in India exceeds USD 7.2 billion, with FinTechs anticipated to dominate, leveraging innovation to simplify the borrowing process.</span></p> <p><span style="font-size:14px">In the fiscal year 2022-23, the start-up reported audited revenues of Rs 12.8 crore, projecting revenues of Rs 30 crore for FY 2023-24 and a substantial growth expectation to Rs 100 crore for FY 2024-25. FinAGG Technologies is poised to revolutionise MSME credit solutions with this significant funding boost.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36350 https://knnindia.co.in/news/newsdetails/msme/finagg-technologies-secures-11-mn-to-drive-msme-credit-solutions 2024-01-19 14:08:44 knnindia.co.in