[Funding alert] Invoice factoring startup Reevoy raises seed round led by Stellaris Venture Partners
Invoice factoring startup Reevoy has raised an undisclosed amount in seed funding led by Stellaris Venture Partners along with Better Capital and Startup Angel Network (SAN).
The round also saw participation from Ashish Sharma (InnoVen Capital), Atul Mehta (ex-World Bank Group officer), Kunal Shah (CRED), Ramakant Sharma (Livspace), and Vinod Murali (Alteria Capital), among others.
The startup said the fundraise will help it to scale its technology and sales capabilities.
Ritesh Banglani, Partner at Stellaris Venture Partners believes that Indian SME exporters can compete with the best in the world but are hobbled by long credit cycles and unavailability of working capital credit.
“Reevoy’s focus on technology-driven underwriting will enable exporters to get fast funding approvals. 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.
Founded by IIT Delhi alumni and experienced trade finance professionals Ankur Khetan, Ishan Dadhich, and Mohit Agarwal, the startup had previously secured an angel round from investors like Alok Bansal (PolicyBazaar) and Himanshu Aggarwal (Aspiring Minds).
The startup, which is already serving many exporters across India, has been successful in raising private debt in the UK, the US, and the EU capital markets to further finance Indian SME exporters.
Vinod Murali, Managing Partner of Alteria Capital said,
“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.”
“We are happy to be working with SME exporters and sharing their growth story by accelerating their business turnover. 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,” added Reevoy’s Co-founder Ankur Khetan.