India-based NAKAD, a FinTech founded earlier this year, has reportedly collected $7m in seed funding.
Accel and Matrix Partners led the round, according to a report from Inc42. Several angel investors also joined the round, including Razorpay founders Harshil Mathur and Shashank Kumar, Zetwerk founders Amrit Acharya and Rahul Sharma, Uni Cards founder Nitin Gupta and many more.
NAKAD has earmarked the capital for product development, enhance its infrastructure and expand its operations across India. Funds will also be used to hire new staff, with it planning to reach a team of 70 by the end of the year.
The FinTech company helps unlock the cash flow burden of small businesses. It claims to be transforming supply chain finance through its tokenisation mechanism.
NAKAD operates as an invoice discounting platform for micro, small and medium-sized businesses, letting them sell them to lenders at a discounted rate.
FinTech investment in India is on track to break a new record. A total of $3.1bn was invested through 128 deals in the first three months of the year.
The previous record was set in 2021, with $9.5bn invested through 474 deals.
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