Nextspeed Technologies Pvt. Ltd, which operates fintech platform Swipe, on Friday said it has scooped up $2 million (around Rs 15 crore) as a part of its seed funding led by Y Combinator.
The round also saw participation from a host of investors including Cred Founder Kunal Shah, Global Founders Capital, Soma Capital, Locus Ventures, Duro Ventures, K3 Diversity Ventures, Lish Lee Jung, among others.
The startup said that it plans to use the fresh funds to touch over India’s one million businesses by the end of 2022. It also aims to roll out new value-added features for businesses to develop better ties with their customers and boost revenues.
“Swipe was founded on the premise of monetising the consumer base, while accounting gets automated. For a small business that competes with the likes of Amazon every rupee of increased revenue is like gold for them. They need tools to compete, especially tech tools, to reach a lot of consumers, build long-term relationships. We provide online storefront as SMBs are now moving towards WhatsApp Businesses," said Aditya Vemuganti, Co-Founder of Swipe.
Founded in 2021 by Vemuganti and Teja Allaparthi, Swipe was incubated at riidl, Somaiya Vidyavihar University. It is a billing and payments app for Indian small and mid-size enterprises (SMEs) where one can create an invoice in less than 10 seconds and send it to their customers on WhatsApp with a link to collect payment. The app also helps instantly generate sales, stock and monthly GST reports.