Mumbai
Small business-focused Credflow will be investing the fund to develop its platform, strengthen technology capabilities, build new products and expand the customer base, it said on Wednesday, adding that angel investor Nitin Gupta, who founded Uni.money, also participated in the round. The SaaS-based platform helps small businesses manage their finances by providing a dashboard of pending amounts by customers, sending timely payment reminders, validating invoices and negotiating discounts for early payments, thus enabling them to reduce their working capital cycles by 25-30 pc.
Since its launch in May 2020, over 5,000 businesses have used Credflow to process and sync invoices worth over Rs 70,000 crore, it claimed.
The delayed collection is a major challenge for small businesses, its founder Kunal Aggarwal said
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