NCOME Tech Solutions Pvt Ltd, which operates a platform offering escrow-as-a-service, has raised Rs 3.6 crore ($490,596) in a pre-seed funding round.
The round in Delhi-registered NCOME has been led by incubator and accelerator Venture Catalysts and PointOne Capital, the company said in a statement. Other participants include 9Unicorns, the accelerator fund set up by Venture Catalysts, and angel platform LetsVenture.
NCOME, set up by Vineet K Singh and Ritesh Tiwari, says it provides enterprise and individual customers with digital escrow service. Its platform uses technology to streamline conventional processes through digital know-your-customer (KYC) and account openings.
The startup says it has also partnered with one of the country’s largest private-sector banks and a leading trusteeship company.
“NCOME, which represents the next phase of the industry’s exponential growth trajectory, is addressing a massive market white space with its unique service offering,” Venture Catalysts and 9Unicorns co-founder and president Apoorva Ranjan Sharma said.
Per the company’s statement, Singh has built businesses in domains including payments, real estate, and e-commerce and consumer platforms. Some of the brands he has been been with include MobiKwik, Buildzar, and 99acres.com.
Tiwari has more than 10 years of experience in building financial products including digital payment solutions, prepaid cards, neo-banking, and investment banking products. He has worked with entities including Omnio, Ensygnia, Barclays, and JPMorgan Chase.
Venture Catalysts
The startup incubator and accelerator was set up in 2015 by Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain. It invests between $250,000 and $1.5 million in early-stage startups and provides networking opportunities and mentoring to portfolio companies.
In September, its maiden investment vehicle – the 9Unicorns Accelerator Fund – hit its first close at Rs 100 crore (around $13.7 million). At the time, the fund said its investment plan will involve initially offering up to $100,000 for a 5-7% stake in a startup.
Some of its recent bets include agri-tech firm AgriGator, Noida-based financial technology firm YPay, performing arts platform STAGE, insurance-technology startup Ensuredit, AI-based culinary platform Klovechef, and beverage brand BrewHouse Tea Brewing Co.