India-based fintech Recur Club has raised $30 million of seed funding to develop its alternative financing solution into “the most founder friendly platform to raise growth capital”.
The fintech, based in New Delhi and founded by co-chief executive officers Abhinav Sherwal and Anirudh Bhardwaj, claims that more than 550 clients have accessed its solution since launch.
Recur Club said the seed funding will be invested in new hires and expansion of its solution across India and into new markets where there is demand for alternative sources of financing.
Its solution serves as a trading platform where companies to trade their contracts or subscriptions in return for upfront capital without diluting equity.
InfoEdge Venture, Village Global, Titan Capital and other investors contributed the seed funding, as a combination of equity and debt allocation.
In a blog post announcing the news, Sherwal said: “The trust placed in us by our investors have strengthened our resolve to become the most founder friendly platform to raise growth capital.”
“With the introduction of a new asset class, Recurring Revenue, we strive to revolutionize financing and democratise access to capital for all founders.”