The start-up said it raised funds from a clutch of US and UK based investors.
Xtracap Fintech raised $1 million in an angel round of funding. The three-year old company, however, did not disclose the names but said that the capital had been raised from a clutch of US and UK based investors. The Gurugram based will use the proceeds to increase product offerings on its app, strengthen its IT infrastructure and increase its distribution capability. The three-year old start-up also plans to launch additional digital solutions, including, payments, order management, logistics, insurance and financial services, along with an accounting platform, by March 2021.
Mohammed Riaz, Founder and Chief Executive, Xtracap Fintech, said: “We aim to provide a digital ecosystem in about 1,500-plus towns and cities with high consumer demand. With increase in digital adoption, this time period will shrink in the future due to the unprecedented Covid-19 situation.”
Xtracap owns and operates an invoice financing platform Bridge2Capital, which helps retailers in small towns and cities connect with banks and NBFCs to access short-term liquidity. The company said it has managed $9 million worth of invoice financing providing credible financial integrity to small shopkeepers, under its limited geographical operations, in Rajasthan, Telangana and Punjab.