In order to help the Small and Medium Enterprises (SME) sector in India, a UK based startup - Reevoy - has come up with ways to help them out and enable the vision of Prime Minister Narendra Modi's "Make In India".
Reevoy describes itself as an invoice factoring company that helps Indian SMEs involved in exports to seek collateral-free working capital finance. Reevoy was founded during the pandemic year, 2020, by IIT Delhi alumnus Ankur Khetan, Ishan Dadhich and Mohit Agarwal with an aim to address the working capital funding gap faced by Indian SMEs.
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After raising an undisclosed amount for their start-up with the help of 25 angel investors, Co-Founder Ankur explained: “SMEs contribute 30% towards India’s global trade, whereas the share of banking credit is only 15%. Lack of credit leads to SMEs losing orders and not being able to scale their business beyond collateralized lines of credit.”
The UK-based startup is now backed by investors, such as Alok Bansal (Co-founder, PolicyBazaar), Himanshu Aggarwal (Co-founder, Aspiring Minds), Gaurav Ajmera (ex-COO, OYO), Sorabh Agarwal (Founder, AngelBay), Saurabh Aggarwal, Naman Sharma, Rahool Sureka (Co-founders, Fitso), Aadit Prasad (Director, Castlelake, UK).
According to Reevoy’s, the new funding will be used for building technology, hiring talent, and growing factoring operations in the UK and India.