NAKAD, a supply chain tech company, raised nearly $7 Million. The company plans to use these funds to resolve the supply chain issues.
NAKAD, fintech for Indian MSMEs of supply chain which raised up to $7Million in seed funding. Matrix Patners India and Accel co-led round for funding was led by them, this funding participated by AdvantEdge Founders. Company plans to position the funds to hire, create a world-class product and operation that is confined in India.
Prominent angel investors this funding round includes Shashank and Harshil Mathur(Founders, Razorpay), Zetwerk founder Amrit Acharya and Rahul Sharma, Bizongo founder Sachin Agrawal, Ankit Tomar and Aniket Deb, Uni Cards CEO Nitin Gupta, Zolve CEO Raghunadan, Five Star Business Finance CEO Rangarajan Krishna, BCG (Managing Director Arindam Bhattacharya), BCG (Senior Partners Pranay Mehrotra) were part of the funding
NAKAD was established in January 2022, founded by Sambhav Jain, Ujwal Kalra and Avinash Uttav, who intend to resolve the immense problem of Indian MSMEs in the supply chain. Company is involving as new financing paradigm which is permitted by MicroBill, a technology ownership.
Tokenises invoice tech will unlock the opportunity for MSMEs of $30 Billion capital.
This tokenises invoices as technology will open $30 Billion worth of capital for MSMEs. The Company has collaborated with various anchors, which includes banks, supplier base and NBFCs who will permit a seamless solution which can be advantageous for the entire ecosystem.
NAKAD’s established by IIM Ahmedabad, IIT Guwahati, IIT Bombay and by the former leaders from Boston Consulting Group, Oracle, Samsung and HUL.
NAKAD CEO announced, I have entirely understood the massive credit crunch of MSMEs which proceed in incompetence to grow their business and pay employees on the current period of time. This issue is addressed to large customers and confirmed by MSMEs which is impacting the entire supply chain. As the founder Sambhav, Avinash and Ujwal addressed the problem, they are working towards the solution, which will create win-win situation for the stakeholders.
This new financing paradigm will be allowed by MicroBill. This technology will open the opportunity for $30 Billion worth of capital for credit-starved MSMEs. This massive force from ground will execute the solution that gave them the reason for developing NAKAD, this will deepen their impact on an underserved massive market.
NAKAD CEO plans to resolve supply chain issue through $7 Million funds.
The company has partnered with various investors which includes marquee investors such as Matrix Partners India, Accel and AdvantEdge founders, who brought vast and unique experience through Fintech, industrial expertise and B2B.
According to the CEO of NAKAD, Several industries have deep-tier supply chain networks and currently, supply chain financing companies do tackle the anchor supplier to the corporation, this covers enough options for their working capital needs. NAKAD also works on deep-tier supply chain finance, it provides to supplier of suppliers at the SME finance where the actual issue reclines.
The company leverages its ownership on this tech-platform MircroBill, tokenises invoices from SMEs and provides them to receive working capital credit from banks or (NBFCs) non-banking finance companies opposed to these receivables.
Partner at Accel, Prayank Swaroop mentions, Credit for MSMEs is inaccurate. Today, B2B supply chain credit is restricted to large enterprises. Financial institutions find it problematic to access verified information of transactions between (OEMs) Original equipment manufacturers, with the entire tier- 1, tier-2, tier-3 suppliers. They are excited to partner with the Nakad team to build technology solutions for this issue.