FinAGG Technologies, a Noida-based fintech firm offering cashflow-based supply chain finance, on Tuesday announced that it has raised $3 million (about Rs 24 crore) in a pre-series-A funding round, led by venture capital company BLinC Invest. Its existing investor, Prime Venture Partners, has also participated in this funding round.
“The company will utilise the fresh capital to launch new products, expand current products in new cities, augment lending partnerships, and invest in technology,” FinAGG said in a statement.
Established in 2020 by Nipun Kohli (former co-founder of Priority Vendor) and R Srinivasan (former co-founder of Entitle Tech Solutions), FinAGG is a new-age supply chain platform focused on providing closed-loop credit solutions to distributors, retailers and MSMEs via its proprietary platform ‘Quick Cash Flow’.
Nipun Kohli, co-founder and CEO of FinAGG, said, “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. We hope to take advantage of their combined experience and unique partnership-led philosophy to create FinTech products that will fill the many gaps in MSME financing today and cater to the companies that comprise the backbone of the Indian economy.”
Amit Ratanpal, founder & MD of BLinC Invest, said, “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. We are also excited to join Prime Venture in this journey.”
Sanjay Swamy, Managing Partner at Priven Advisors LLP (Prime Venture Partners), said, “We are privileged to be associated with this team from the start of their journey and welcome the team at BLinC to transform MSME financing in India.”
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