Reevoy, an invoice factoring startup, has raised a seed funding round led by Stellaris Venture Partners along with Better Capital and Startup Angel Network (SAN). Veterans from the industry Ashish Sharma of InnoVen Capital, Atul Mehta, former World Bank Group officer, Kunal Shah, founder of CRED also participated in this round, the company said in a statement.
Founded by IIT Delhi alumni Ankur Khetan, Ishan Dadhich and Mohit Agarwal, Reevoy aims to address the working capital funding gap faced by the Small and Medium Enterprises in India. The startup focuses on technology-driven underwriting that will enable exporters to get fast funding approvals.
“We are excited to get the vote of confidence from Stellaris, Better Capital and prominent angels. We are happy to be working with SME exporters and sharing in their growth story by accelerating their business turnover,” said co-founder Ankur Khetan.
“At the same time, we are able to provide access to a high-quality loan book to individuals and family offices who are looking to deploy capital in fixed-income instruments,” he further added.
“Reevoy has set its eyes on easing the working capital woes of Indian exporters, while making them globally competitive”, said Vaibhav Domkundwar of Better Capital.
Earlier in March, the startup raised undisclosed funds from 25 angel investors.
These include Alok Bansal, co-founder, PolicyBazaar and Himanshu Aggarwal co-founder, Aspiring Minds, Gaurav Ajmera, former chief operating officer, Oyo among others. The fundraiser will help the company to scale its technology and sales capabilities, it added. The startup also successfully raised private debt in the UK, the US and EU capital markets to further finance Indian SME exporters.
“Reevoy is solving a significant problem faced by Indian exporters and their usage of technology to enable efficiency coupled with access to sophisticated debt can prove to be a gamechanger in the days to come,” said Vinod Murali, managing partner of Alteria Capital. The company is already serving many exporters across the country.