Priya Patel
TLDR:
Fintech firm FinAGG Technologies has raised $11 million in a Series A funding round, co-led by global impact investment manager BlueOrchard and Tata Capital Limited. The funding will be used to expand FinAGG’s offline and online presence, enhance global outreach, and drive product innovation. This investment follows the company’s successful partnership with Tata Capital in the SME supply chain. FinAGG is a leading innovator in the MSME Cash Flow financing space and has completed both the RBI and IFSCA sandboxes.
Fintech firm FinAGG Technologies has raised $11 million in its Series A round of funding led by co-led by global impact investment manager BlueOrchard and Tata Capital Limited. Small Industries Development Bank of India (SIDBI) and existing investor Prime Venture Partners also took part in the fresh round. FinAGG will utlise the funding towards expanding its offline and online presence, enhancing global outreach, and driving product innovation, the company said in a press note today, January 18.
FinAGG was founded in 2019 and claims to be one of the leading innovators in the MSME Cash Flow financing space. It is one of the few companies to have completed both the RBI and IFSCA sandboxes, having pioneered the usage of OCEN and GST Sahay for supply chain finance. The platform is integrated with India Stack’s Aadhar, GSTN, UPI, NACH, and other services, allowing lenders to access expansion capital quickly and seamlessly. Since 2020, they’ve onboarded significant consumer brands and are presently working with over 25 companies, including key banks, NBFCs, and businesses that promote MSME growth in India.
Key takeaways:
- FinAGG Technologies has raised $11 million in a Series A round co-led by BlueOrchard and Tata Capital.
- The funding will be used to expand FinAGG’s offline and online presence, enhance global outreach, and drive product innovation.
- FinAGG is a leading innovator in the MSME Cash Flow financing space and has completed both the RBI and IFSCA sandboxes.
- The platform is integrated with India Stack’s Aadhar, GSTN, UPI, NACH, and other services, allowing lenders to access expansion capital quickly and seamlessly.
