Mumbai-based integrated supply chain and finance platform Ayekart Fintech on Wednesday said it has secured $5 million (around Rs 37 crore) from Caspian Debt and Siply in a mix of debt and equity funding round.
The startup plans to deploy the fresh proceeds to serve the needs of traditional businesses across food and agri sector.
Founded in December 2020, Ayekart has created an integrated supply chain and finance platform. It aims to address the challenges of MSME and retail business that have struggled and which are further aggravated by the spread of the pandemic.
“We will use the fund raised to strengthen our ecosystem to meet the necessities of small and traditional vendors, distributors, farmer communities, millers, processors, distributors and retailers. This will further boost disbursements, given the various opportunities that we have at present,” said Debarshi Dutta, chief executive officer and co-founder, Ayekart.
“Ayekart plays a significant role in providing new market avenues as well as payment assurance to the suppliers in the Agri ecosystem. Their platform provides strength to the local ecosystem players helping them to grow the business without affecting their margins thus creating a positive impact,” said Avishek Gupta, Managing Director and CEO - Caspian Debt.
Fintech startups have been attracting both early stage and growth funding in recent weeks despite the liquidity squeeze in the market.
On Tuesday, Vitrak Fintech Pvt. Ltd, which operates GroMo raised $11 million in its Series A funding round led by SIG Venture Capital.
In another fundraise, Noida-based fintech startup FinAGG Technologies, secured pre-Series A funding of $3 million led by venture capital firm BLinC Invest, with participation from existing investor Prime Venture Partners.