WeVOIS Labs, an IoT-based sustainable solution company, has raised USD 400,000 of non-dilutive growth capital by trading their recurring revenue streams on Recur Club as the Jaipur-headquartered firm demonstrates accelerating growth in its operations.
The company was able to grow its revenues by 200 per cent in the last nine months by using growth capital raised through Recur Club. This paves the way perfectly for the company to expand into new municipalities and spread pan-India.
The firm received a flexible trading limit and drew down capital three times by simply advancing its cash flows. This allowed them to expand operations into six new cities and pivot their business model by licensing their software to businesses.
Abhishek Gupta, CEO at WeVOIS Labs, said, "We were earlier taking low quantum unsecured debt from the market, but that was becoming unsustainable for us. Whenever we needed capital, Recur Club was always there with a competitive bid on their platform. Their flexible financing allowed us to draw down capital at our will and enabled us to expand into new territories when we were ready for it. This has also helped us raise equity capital at a much higher valuation as compared to the offers we received last year."
"Recur Club has not only helped us in raising non-dilutive capital but has also become our growth partner to facilitate our mission of providing a cleaner and greener tomorrow. We will continue to use their platform in conjunction with our equity financing, "Abhishek further added.
Amar A. Ummat, Founding Partner at Recur Club, said, "Recur Club is our love letter to founders, and we have built a simple-to-use, do-it-yourself financing platform for recurring revenues. We have a singular obsession with helping founders like Abhishek Gupta by opening up a flexible and hassle-free way to finance their growth. Our revolutionary AI/ML-backed underwriting engine connects with the company’s data on-the-go and unlocks their trading limits within 48 hours. Recur Club is the fastest way to cash in the bank. "