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Nakad, a provider of supply-chain financing, has successfully raised $7 million in a seed funding round, co-headed by Matrix Partners India and Accel.
AdvantEdge Founders and several other eminent startup founders, including Zetwerk’s Rahul Sharma and Amrit Acharya; Razorpay’s Shashank Kumar and Harshil Mathur; Zolve’s Raghunandan G and Uni Cards originator Nitin Gupta also participated in the round.
According to Nakad, it would be using the funds to scale its footprint and hire more staff across domains like technology, customer success, product, and business development.
Sambhav Jain, Ujwal Kalra, and Avinash Uttav founded Nakad in January 2022. It is a deep-tier supply chain finance startup that offers working capital credit to SME (small and medium enterprise) suppliers of commercial vendors.
Ujwal Kalra, Co-Founder and Chief Executive Officer of Nakad, said that several industries have deep-tier supply chain networks. Today, supply chain financing firm mostly face the anchor supplier to tfirmshe corporations, which now have adequate options for covering their working capital requirements.
The company focuses on deep-tier supply chain finance, where it supports suppliers of suppliers where the real challenge of SME financing lies.
It utilizes MicroBill, its proprietary technology platform, which tokenizes accounts from these SMEs and helps them receive working capital credit from banks or NBFCs (non-banking finance companies) against these receivables.
Prayank Swaroop, Partner at Accel, said that B2B supply chain credit today is limited to large enterprises as financial institutions find it tremendously hard to access proven information on transactions between OEMs (original equipment manufacturers) and tier 1, 2, and 3 suppliers.
The firm is extremely excited to collaborate with the Nakad team, which has built an astonishing technology solution to this problem.
Stating future prospects, Nakkad is also looking to launch other credit products as well as build software layers to support SMEs digitize their reconciliation and billing processes.
Source Credit - https://economictimes.indiatimes.com/tech/funding/supply-chain-financing-provider-nakad-raises-7-million-funding/articleshow/91773253.cms
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