Saturday, November 27, 2021
Home > Finance News > Klub gets $20 million funding, to deploy Rs 500 crore for local brands

Klub gets $20 million funding, to deploy Rs 500 crore for local brands

New Delhi: Klub, a fintech platform that provides revenue-based financing, has raised $20 million (about Rs 150 crore) from existing investors 9Unicorns and Sequoia Surge. The funding round also saw participation of new investors Alter Global (US) and GMO VenturePartners (Japan).

The current seed funding round, which saw participation of marquee global angel investors as well, includes a majority portion of equity and capital commitments to the platform. The company had previously raised $2 million in pre-seed funding from Sequoia Surge and multiple angels.

The Bengaluru-based company plans to utilise the capital to expand its team, accelerate development of its tech and data platform, and expand its product offerings and market segments, according to a statement on Tuesday. It will deploy Rs 500 crore over the next few quarters in local brands and digital small and medium-sized enterprises, according to a statement on Tuesday.

Founded in 2019 Anurakt Jain and Ishita Verma, Klub provides revenue-based financing worth Rs 200,000 to Rs 30 crore with zero equity dilution. It provides funding for recurring marketing, inventory and capital expenditure to digital-first companies, utilising data-driven analytics to drive faster funding decisions.

According to Jain, the digital revolution in India has levelled the playing field for local businesses. “India’s digital commerce ecosystem requires more than ‘one size fits all’ financing, and with this round, we can further our mission of enabling growth for loved brands,” he said.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: