Former Paytm CFO's startup Kredmint raises $2 million in funding
Former Paytm CFO Vikas Garg’s new startup Kredmint has raised $2 million as part of its first round of funding. The round was led by startup entrepreneurs and angel investors, including Cred founder Kunal Shah, BharatPe cofounder Ashneer Grover, Junio cofounder Shankar Nath, Nearbuy founder Ankur Warikoo, and Yatra cofounder Manish Amin.
Garg had quit Paytm in January to work on his latest venture. Other cofounders in the startup include Rahul Nagar, former vice president of business at Paytm, and Himanshu Arora, former principal product manager at Gaana. Arora has also worked across the technology and product functions at Paytm.
Founded in June 2022, Kredmint is a technology platform for businesses. It provides a scalable order management system to help businesses get better visibility and control over their supply chain. Kredmint’s technology platform also allows businesses to launch unique services such as loyalty and discounts on its platform for their retailer and distributor networks.
Through the technology stack, Kredmint’s technology platform integrates with the back end of the business, which also helps it extend supply chain financing to a business or its distributor and retailer network. Kredmint provides financing to these businesses through its non-banking finance partners (NBFCs). It has two NBFCs live on its platform and has already built a loan book of roughly $1 million.
Currently, the platform is focused on driving efficiencies for business-to-business (B2B) operations. “During our experience at Paytm, we realised that several merchants wanted quick and instant settlement. Most fintechs in the market are currently solving this problem for their own merchant base and payment pipes,” said.
“Through Kredmint, we wanted to solve the problem for the larger B2B ecosystem. As opposed to other fintechs, we are a tech-first platform play, rather than building a credit-first model.” The startup is in talks to onboard four NBFCs as well as universal banks on its platform to provide financing to its business users.
Kredmint is also looking to scale its loan book up to Rs 1,000 crore over the next three years. The interest rates on loans offered on the platform range between 18-22%, Garg added. The startup has currently made four large business integrations and has been working with partners in the quick service restaurants (QSR) and pharmaceutical space.
Garg had quit Paytm in January to work on his latest venture. Other cofounders in the startup include Rahul Nagar, former vice president of business at Paytm, and Himanshu Arora, former principal product manager at Gaana. Arora has also worked across the technology and product functions at Paytm.
Founded in June 2022, Kredmint is a technology platform for businesses. It provides a scalable order management system to help businesses get better visibility and control over their supply chain. Kredmint’s technology platform also allows businesses to launch unique services such as loyalty and discounts on its platform for their retailer and distributor networks.
Through the technology stack, Kredmint’s technology platform integrates with the back end of the business, which also helps it extend supply chain financing to a business or its distributor and retailer network. Kredmint provides financing to these businesses through its non-banking finance partners (NBFCs). It has two NBFCs live on its platform and has already built a loan book of roughly $1 million.
Currently, the platform is focused on driving efficiencies for business-to-business (B2B) operations. “During our experience at Paytm, we realised that several merchants wanted quick and instant settlement. Most fintechs in the market are currently solving this problem for their own merchant base and payment pipes,” said.
“Through Kredmint, we wanted to solve the problem for the larger B2B ecosystem. As opposed to other fintechs, we are a tech-first platform play, rather than building a credit-first model.” The startup is in talks to onboard four NBFCs as well as universal banks on its platform to provide financing to its business users.
Kredmint is also looking to scale its loan book up to Rs 1,000 crore over the next three years. The interest rates on loans offered on the platform range between 18-22%, Garg added. The startup has currently made four large business integrations and has been working with partners in the quick service restaurants (QSR) and pharmaceutical space.
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