To be able to assist the Small and Medium Enterprises (SME) sector in India, a UK based mostly startup – Reevoy – has give you methods to assist them out and allow the imaginative and prescient of Prime Minister Narendra Modi’s “Make In India”.
Reevoy describes itself as an bill factoring firm that helps Indian SMEs concerned in exports to hunt collateral-free working capital finance. Reevoy was based through the pandemic yr, 2020, by IIT Delhi alumnus Ankur Khetan, Ishan Dadhich and Mohit Agarwal with an purpose to handle the working capital funding hole confronted by Indian SMEs.
After elevating an undisclosed quantity for his or her start-up with the assistance of 25 angel traders, Co-Founder Ankur defined: “SMEs contribute 30% in direction of India’s international commerce, whereas the share of banking credit score is just 15%. Lack of credit score results in SMEs shedding orders and never with the ability to scale their enterprise past collateralized traces of credit score.”
The UK-based startup is now backed by traders, resembling Alok Bansal (Co-founder, PolicyBazaar), Himanshu Aggarwal (Co-founder, Aspiring Minds), Gaurav Ajmera (ex-COO, OYO), Sorabh Agarwal (Founder, AngelBay), Saurabh Aggarwal, Naman Sharma, Rahool Sureka (Co-founders, Fitso), Aadit Prasad (Director, Castlelake, UK).
Based on Reevoy’s, the brand new funding can be used for constructing expertise, hiring expertise, and rising factoring operations within the UK and India.