Tag: Series A

Velocity.in raises $20 million in funding led by Peter Thiel’s Valar Ventures

Banking & Finance

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Velocity.in, a Bengaluru-based fintech start-up, has raised $20 million in Series A funding from Peter Thiel’s Valar Ventures along with the participation from Presight Capital, Utsav Somani’s iSeed, Maninder Gulati (Oyo), Zac Prince (BlockFi) and Philippe De Mota (Hedosophia).

Combined with the $10 million seed round announced earlier this year, Velocity has raised a total of $30 million in equity till now. In addition, Velocity has also raised multiple debt lines with NBFCs to scale its revenue-based financing platform.

Launched in early 2020, Velocity offers revenue-based financing to e-commerce businesses as an alternative to venture capital and traditional bank debt. Within the span of 1.5 years, over 1,500 D2C and e-commerce businesses have signed up for Velocity’s revenue-based financing. The fintech player claims to have over ₹1,200 crore fundable revenues connected to its platform and has processed 250+ investments across 175 companies. With the new capital, the start-up aims to deploy over ₹1,000 crore towards 1,000+ e-commerce businesses.

Commenting on the fundraise, Abhiroop Medhekar, co-founder and CEO of Velocity, said, “Our vision is to build the future of business financing in India. Valar’s investment in our Series A has reaffirmed the firm’s belief in Velocity. We are keen to use this funding to build multiple world class products for thousands of new-age businesses.”

Andrew McCormack of Valar Ventures, said: “Since our last investment, Velocity has grown 10x and secured the lead position in this fast-growing market. Despite this exponential growth, their portfolio quality remains strong. We were impressed by their strong customer orientation, tech-product DNA, and ambitious growth plans.”

Velocity leverages digital data to evaluate an application across 50+ parameters and extend up to ₹3 crore of finance within five days. The repayments happen flexibly as a share of the company’s online revenues. Velocity does not take any collateral, personal guarantee or equity dilution and only charges a fixed fee of 4-8 per cent on the deployed capital.

Brands that have historically raised capital through Velocity are said to have grown their revenues by 1.5x within six months of funding and 78 per cent of these brands become repeat customers. Velocity’s portfolio includes companies like PowerGummies, Green Soul, WallMantra, BellaVita, Smoor Chocolates and CrossBeats.

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Finzy raises $2 mn bridge to Series A

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Finzy, a P2P lending platform, has raised $2 million as a bridge to $10 million Series A round.

The company will use the funding to strengthen its technology and enhance product offerings for its lenders and borrowers. Finzy was launched in June 2017 and offers personal unsecured loans with interest rates starting at 7.99 per cent per annum.

Commenting on the development, Amit More, CEO and Founder, Finzy said “We have raised this bridge round from our existing investors. We are in the documentation stage with a Silicon Valley-based technology fund and expect our Series A to close within a couple of months. To save excessive dilution at an early stage, we would limit our Series A raise to $10 million though we have demand for a much higher investment number.”

Finzy claims to have more than 1 lakh customers and the largest outstanding loan book amongst all P2P platforms in India. In 2018, the company has raised $2.3 million pre-series A funding from a clutch of senior professionals from the BFSI industry.

Some of the existing players in the P2P lending space include Faircent, LenDenClub, Paisa Dukan, and RupeeCircle, among others. Fintech unicorns like BharatPe and Cred have also recently entered the P2P lending space in India by launching ‘12% Club’ and ‘Cred Mint’, respectively.

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Flexmoney raises $4.8 million in Series A funding

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Flexmoney, a digital credit network platform for lenders and merchants, has raised $4.8 million in Series A funding, led by Pravega Ventures with participation from Silicon Valley-based Z5 Capital.

The round also saw participation from several marquee individual investors including Ben Davey, former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures; Mike Smith, former Chief Product & Technology Officer, Barclays Ventures & Director, Amazon Core Display Ad Platform; Ambarish Malpani, successful serial entrepreneur and technologist and Rishad Byramjee, Group MD and CEO Casby Logistics & Board Member, Centrum Group.

Flexmoney aims to use the funds to scale its credit network footprint to more lenders and merchants, launch additional products and consolidate its position. Flexmoney had previously raised seed funding from multiple global and domestic angel investors.

Nanda Krish, General Partner at Z5 Capital, said: “InstaCred by Flexmoney is already the largest ‘Buy Now, Pay Later’ platform in India, and the need and potential for this Internet credit infrastructure spans across even more global markets. We’re proud and excited to partner with Flexmoney to scale up and revolutionise the credit ecosystem in India and across the globe”.

Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, said, “Flexmoney’s digital credit platform provides a seamless and secure ‘plug and play’ proposition for trusted lenders and merchants to offer the widest set of options for frictionless, secure, instant checkout finance to their customers and is transforming their purchase experience. With this funding, we are one step closer to achieving our vision of simplifying and democratising consumer credit in India”.

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