FinAGG Technologies, which offers cash-flow based supply chain finance, has raised $3 million in a funding round led by venture capital company BLinC Invest.
Existing investor Prime Venture Partners also participated in the Pre-Series A round. The company will use the capital to expand business, launch new products, augment partnerships, and invest in technology.
“We are very excited to find a fund that understands our space so well and we are geared to set out on the next chapter of our journey with BLinC Invest,” said Nipun Kohli, co-founder and CEO of FinAGG.
“FinAGG team have a strong pedigree and are well poised to create unique financing solutions for the ecosystem at large. Finagg’s world-class technology with deep anchor integration will enable the MSME to obtain working capital cash flow at the click of a button,” said Amit Ratanpal, founder and MD of BLinC Invest.
“FinAGG’s strong growth since inception is a testament to its unique solution which addresses a massive opportunity–providing MSMEs with credit for short periods of time. This helps increase sales and decreases stock outs, ensuring no demand goes unserved,” said Sanjay Swamy, managing partner at Priven Advisors LLP (Prime Venture Partners).
Global supply chain financing volumes have increased significantly over the last few years, reaching $1.8 trillion in 2021, and it is expected to grow at a CAGR of some 17 per cent.
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