Software-as-a-service startup Mithi Software and financial services firm CapitalSetu have secured early-stage funding, the companies said on Wednesday.
SaaS startup Mithi Software has raised $500,000 (around Rs 4.12 crore) in an undisclosed funding round from revenue-based financier Recur Club.
The Pune-based startup will use the funds to improve its product offerings as well as to scale up cash flows marketing initiatives.
Founded by Tarun Malavia, Mithi offers SaaS tools for the protection, visibility and agility of critical business data. The company has operated as a bootstrapped organisation and plans to raise funding from venture capital firms in the coming future.
“Financial costs of raising capital through Recur Club are offset -were set off by the savings that we made through paying our expenses upfront with Recur Club Financing,” said Malavia, founder and chief executive officer, Mithi Software.
In January, Recur Club led Rs 1 crore revenue-based funding round in HR-focused tech startup InCruiter. The platform also created a $15 million capital pool to offer interim financing to startups that were impacted by the collapse of Silicon Valley Bank in March.
Financial services startup CapitalSetu has raised $350,000 (Rs 2.8 crore) in a seed funding round led by the early-stage investment fund Real Time Angel Fund (RTAF).
The round also saw participation from a host of angel investors, including Ashish Kacholia (Lucky Securities), Vikas Khemani (Carnelian Asset Advisors), Rajat Mehta (JITO Angels) and Sunaina Bhattacharya, among others.
The Noida-based startup plans to deploy the funding for product development, geographical expansion and hiring talent.
Founded in 2020 by Pankaj Goel and Ayushi Gupta, CapitalSetu is a supply chain financing aggregator for micro, small and medium manufacturing businesses.
"The supply chain financing market is competitive, but our user-friendly platform, competitive prices, and personalized approach set us apart," said Pankaj Goel, founder and chief executive officer, CapitalSetu.
Last month, early-stage investor RTAF, which has companies like online marketplace MyMandi and SaaS platform TransportSimple in its portfolio, announced an upsize of its maiden fund which had an initial corpus of Rs 100 crore by more than 5x to Rs 510 crore.