B2B Fintech Platform BharatNXT Secures $1.2mn In Seed Round
The startup said that bit will use the fresh funds to invest in increasing its headcount. And it expects crossing over Rs1000cr in GTV by the end of the current fiscal year
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BharatNXT, a B2B Fintech platform in the financial technology sector, has raised USD 1.2 million in a seed round led by Inflection Point Ventures. The round also saw participation from Japanese VC - Spiral Ventures, Keiretsu Forums, and Panthera Peak Capital.
According to a statement by the company, the funds will be utilised to invest in product development, expand the team size by 4x, and enhance the scalability of the core technology to accommodate ten times the current growth.
Ankur Mittal, Co-founder and COO of Inflection Point Ventures, said, "Over the last decade, India has witnessed a significant rise in digital transactions across sectors. However, credit card usage has been low among Indian SMEs, with credit utilization typically ranging around 15 per cent to 20 per cent of allocated limits. Entrepreneurs with good CIBIL scores that already have credit cards with pre-approved limits still don’t have easy access to formal credit to manage their working capital. This is where BharatNXT steps in and provides an avenue via their platform for these entrepreneurs to make business payments like GST, Vendor Payments, Utility, Rent, and much more. This provides these entrepreneurs real-time and paperless access to precious credit at low costs, if timed well, while unlocking precious additional payment days based on their credit card cycles."
Founded in 2022, BharatNXT is a payment platform that allows small and medium-sized businesses to use credit cards for their B2B transactions, providing a credit extension of 45 to 50 days. The platform is integrated with various portals, enabling instant or T+1 settlements for all business payments, including GST, utility, and vendor payments. This helps SMEs manage their cash flows better.
Akshat Birla, Founder, and CEO of BharatNXT, said, "We have experienced hockey stick growth, crossing over Rs 1500 crore in GTV, and we expect to be doing over Rs 1000 crore per month by the end of the current fiscal year."
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