Fintech startup FinAgg Technologies has secured an investment of $11 million in a Series A round. The funding round was led by Blue Orchard and Tata Capital, and saw participation from investors – Small Industries Development Bank of India (SIDBI) and Prime Venture Partners, a company statement informed.
The raised funds will be deployed towards expanding the company’s offline and online presence, enhancing global outreach, and driving product innovation, added the statement.
“Having the likes of BlueOrchard will help us drive the penetration of climate insurance to our client, Tata Capital, which is one of the biggest NBFCs in India. It will help us scale our business operations to new heights, and, SIDBI will help us grow GST Sahay through access to cheap funds,” said Nipun Kohli, Co-founder and CEO, FinAgg Technologies, in the statement.
According to the statement, FinAgg has been founded by Kohli, Praveen Kumar and Srinivasan R in 2020, and aims to provide working capital solutions to MSMEs.
Kohli further stated that a team is also working on bringing blockchain to the industry.