Fashion trade platform Reevoy has secured Rs 48 crore in debt for its invoice financing arm from Kilde. This would be the maiden debt round for the company which helps buyers to source from the Southeast Asia region.
The proceeds will be utilised to expand its operational capability four-fold and widened financial offerings for importers, Reevoy said in a press release.
Founded in 2020 by Ankur Khetan, Ishan Dadhich and Mohit Agarwal, Reevoy provides tech-enabled supply chains for fashion and home decor, merchants. The company claims that several well-known global brands use its platform to buy products in the aforementioned categories. It hand-holds importers to find the right partners, streamline the production process and access credit.
In January this year, Reevoy had raised around $4 million as seed money led by 9Unicorns and VCats along with the participation of Better Capital, Earlsfield Capital Partners and a clutch of blue-chip angel investors.
It competes with various legacy companies that have been helping global brands source quality fashion products from the SEA region. In the tech space, the company’s broader competition includes Zillingo and Moglix. The two-year-old firm claims that 10 retailers globally use its platform to buy from 80 factories across India and Bangladesh.
Start your day with tech stories that matter!
Daily startup insights with a positive thought you can read in 2 mins, free daily.