Noida-based Kredmint, a fintech startup offering multiple working capital financing solutions for MSMEs, has raised around $2 million from startup founders and angel investors.
The investors include Kunal Shah (Founder-CRED), Ashneer Grover (Founder-Bharatpe), Amit Lakhotia (Founder-Parkplus), Shankar Nath (Co-founder-Junio), Amit Sinha (Founder-Unnati), Manish Amin (Co-founder-Yatra), Sachin Seth (CEO-BSE Ebix), Jaskaran Kapany (Ex-CMO, Xiaomi, Paytm), Ankur Warikoo (Founder-Nearbuy), Renu Satti (Ex-COO, Paytm), Ajay Shekhar Sharma (CBO-Paytm), Sudhanshu Gupta (COO-Paytm First Games), and Senu Sam (CEO and Co-founder Mykare) among others.
The angel round also saw participation from two India-based and one Singapore-based venture capital firm. However, the startup did not reveal the name of the VCs.
Launched by Vikas Garg, Ex-CFO Paytm, Rahul Nagar, Asia Pacific Lead Payments, Genpact & Ex-VP Paytm, and Himanshu Arora, Head of Products Gaana, Kredmint said it aims to support MSMEs by deeply understanding their business models and leverages data to offer them flexible and transparent supply chain financing solutions using smart contracts and tokenization.
The startup said it has already made the credit facility available to MSMEs and will launch its app shortly.
It partners with NBFC firms to provide credit facilities. Besides working capital, Kredmint product suites include merchant cash advances, invoice discounting, term loans and inventory financing.
“Kredmint offers multiple working capital financing solutions for MSMEs in partnership with non-banking financial companies (NBFCs) at the moment,” said Vikas Garg.
“Over the last decade, we have seen the evolution of the digital payments ecosystem in India,. We could see that all distribution channels expect the MSMEs to fund for inventory putting funding obligations on them. Hence they become constrained to grow their business to the next level. We intend to build large-scale tech solutions and solve working capital problems of MSMEs in a model similar to scale-up of digital payments in India,” Vikas said.