Keka Technologies Pvt Ltd, a small and medium scale enterprise (SME) focussed human resource technology startup, on Thursday said it has raised $1.6 million (Rs 12 crore) through revenue-based financing route from Recur.club.
Recur.club provides a trading platform for recurring revenue companies to trade their contracts or subscriptions and get upfront capital instantly without diluting capital.
Vijay Yalamanchili, CEO at Keka, said in a statement that non-dilutive funding will become the norm for bootstrapped software-as-a-service (SaaS) companies the world over.
Keka will invest the fresh capital primarily to boost marketing and sales activities, the statement said. The company said it serves over 4,700 customers across over 26 states in India.
Several revenue-based financing companies including Velocity, Klub and N+1 Capital have sprung up in the past months that has provided alternative financing option for early-stage startups.
Last month, Velocity, a fintech startup focussed on revenue-based financing for online businesses, raised $20 million (around Rs 148 crore) in a Series A funding round led by Peter Thiel’s Valar Ventures.
In August, Klub raised $20 million (around Rs 148.6 crore) in a seed funding round led by 9Unicorns and Sequoia Capital India’s Surge, Alter Global and GMO Venture Partners.
Earlier this year, N+1 Capital and LetsVenture jointly floated a $100 million fund to finance early-stage firms that are mostly bootstrapped.
