Bengaluru-based supply chain fintech startup QuiD Cash has successfully raised $4.5 million (approximately INR 38.23 crore) in a Pre-Series A funding round. The investment came from a group of angel investors, including Piyush Jain, Director of Shrem Group, and existing backer MINTCAP. This infusion of funds aims to bolster the company’s technology infrastructure and accelerate business growth.
Introducing QuiD Capital: A Game-Changer for Invoice Financing
In a move to expand its service portfolio, QuiD Cash has launched QuiD Capital, a non-banking financial company (NBFC) that focuses on anchor-led invoice financing. This strategic initiative aims to streamline financial solutions for businesses, enabling smoother cash flow management across supply chains.
Founded by Subhash Gupta and Vikram AG, QuiD Cash provides innovative, tech-driven financial services tailored for supply chain operations. The company currently serves over 8,000 registered users and collaborates with more than 20 major business anchors in industries such as FMCG, automotive, pharmaceuticals, and agri-business. Each anchor processes monthly transactions worth INR 50–250 crore through QuiD Cash’s platform.
Strengthening Technology for Supply Chain Financing
Subhash Gupta, co-founder of QuiD Cash, highlighted the startup’s focus on innovation: “The newly raised funds will be directed towards enhancing our technological capabilities. Our flagship product, the ‘Pay-in’ solution suite, offers features such as Pay Now and Pay Later at the invoice level, along with automated reconciliation and reporting tools. Upcoming enhancements include integrating these solutions directly into suppliers’ ERP systems.”
A key differentiator for QuiD Cash is its proprietary QuiD Score underwriting model, which maintains a low default rate of approximately 1.5%. Co-founder Vikram AG explained, “Our algorithm assigns a risk score to retailers based on shared financial data, allowing us to evaluate creditworthiness with high accuracy.”
Ambitious Growth Plans
Operating with a lean team of 40 employees, QuiD Cash is gearing up for expansion, planning to grow its workforce to 50 by next year. The company also has ambitious plans to onboard 500,000 retailers over the next two years, demonstrating its commitment to scaling operations and deepening its market presence.
Earlier in 2024, QuiD Cash secured INR 5 crore in pre-seed funding from Mint Cap Enterprises and Stone Park Capital. These funds laid the groundwork for the company’s recent technological advancements and service expansions.
Supply Chain Financing: A Growing Opportunity
The Indian supply chain financing market presents immense potential, with an estimated opportunity of INR 20 lakh crore as of 2023. This promising outlook has spurred growing investor interest in the sector, with numerous NBFCs and fintech startups securing substantial funding to expand their offerings.
In recent months, Bengaluru-based Avanti Finance and Mumbai-based Arthan Finance have also raised significant capital to strengthen their financial solutions. Such developments highlight the increasing importance of supply chain financing in supporting India’s economic growth.
The Future of Fintech in India
As India’s fintech landscape evolves, QuiD Cash stands at the forefront of innovation, offering tailored solutions to meet the dynamic needs of supply chains. By leveraging advanced technology and focusing on customer-centric services, the startup is poised to make a significant impact on the industry.
With the lending tech market in India projected to reach $1.3 trillion by 2030, QuiD Cash’s strategic initiatives and recent funding ensure it remains a key player in this rapidly growing sector.
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