Indium Finance, a Mumbai-based B2B fintech NBFC platform, has raised INR 4.5 crore from Indian Angel Network (IAN), lead investors Sanjay Rishi, Raman Roy and Manipal Group.
The fintech platform aims to use the funds to accelerate the acquisition of new customers, develop the product platform to offer customized solutions, and expand the sales and technology teams.
“A lot is being done in the SME space, but we also believe it has a large opportunity for expansion thanks to innovative digital financial services solutions,” says the company.
we will assist SMEs that are having trouble obtaining timely funding due to a lack of collateral or the required documents. The investment from IAN will serve as a catalyst to achieve our goals. In a joint statement, Shalabh Mohan and Vivek Kumar, co-founders of Indium Finance, said it would not only help us accelerate our business growth, but also develop new product capabilities.
According to the international trade association, India’s retail segment industry was estimated at $833 billion in 2020 and is projected to reach $1.3 trillion by 2023. The current Indian SME debt gap is estimated at INR 19 trillion, according to an IFC survey.
Founded in 2019 by Shalabh Mohan and Vivek Kumar, Indium Finance claims that it is working with multiple corporate and B2B e-commerce partners, giving it access to more than 25000 distributors, dealers and retailers. The company also has plans to use the investment to collaborate with new corporate and e-commerce partners to double the mentioned access in the next six months.