Swipez, a ‘software as a service’ platform, has secured an undisclosed amount of equity funding led by Anicut Angel Fund, the startup's co-founders told VCCircle.
At Anicut Angel Fund, the round was led by Venkatesh Ramarathinam, chief executive officer of Vuram Technology Solutions. The round also saw participation from angel investors Sanjiv Bajaj, Ashvin Chadha and Harsh Khanna. 9Unicorns, a Mumbai-based early-stage fund, came in this round as a co-investor.
Set up in 2017, Swipez helps small and medium businesses (SMBs) in setting up their online transactions, managing receivables & payables, generating invoices & bills, consolidating expenses & revenue at one place, following up for receivables and linking their bank accounts for digital transactions. The platform also helps SMBs file their GST returns.
“Improving operational efficiency gives businesses better cashflows and margins. We are seeing clients using Swipez improve their collection efficiencies by over 35%. Automation provides them visibility and efficiency,” said Vivek Iyer, co-founder, Swipez.
Shuhaid Lambe, co-founder, Swipez, said that this round will help the company increase its merchant base significantly.
“With the government's digital initiatives and India being a hub for SMBs, a tech product that makes this segment effective will certainly be sought after. India is slowly moving towards adopting tech in a better way; digital payments will further bolster adoption of tech,” said Ramarathinam.
“SMBs are coming to terms with tech driving higher revenues and lowering costs. Currently, this segment is prime with a few players and there is large enough space for newer bolder entrants,” the founder of Vuram Technology Solutions added.
Anicut Angel Fund is a sector-agnostic equity fund platform for early-stage companies. It is sponsored by Anicut Capital which also manages two SMB debt funds with an AUM (assets under management) of $100 million.
The Anicut angel platform has made a bunch of investments so far.
Recently, Grip Invest, a lease finance platform, raised a pre-Series A funding round led by Chennai-based The Grand Anicut Angel Fund, a top executive told VCCircle.
The round also saw participation from Gemba Capital and angel investors Anupam Mittal, Sunjay Kapur and Maninder Gulati.
Prior to that, it backed Deepsync Technologies Pvt. Ltd, a platform that uses artificial intelligence for content production by allowing creators to replicate their voice.