Fund/capital is the fuel that fires the engine for any business and the recurring need for funds is crucial for any enterprise's smooth functioning. Often, relying on credit becomes a challenge as it blocks the complete money which in turn affects operations. It is a major hurdle faced by several businesses, especially in the MSME sector.

Countering these challenges is WALKfin, a fintech startup. The Pune based company helps businesses by providing an invoice discounting model which allows WALKfin to become a financial partner for its clients for 12 months. In return, clients can avail working capital on daily basis against all unpaid invoices through a digital medium.

Naveen Upadhyay founded WALKfin along with Anoj Balasaheb More in May 2021. The startup has since established a tie-up with RBI and is a registered NBFC for lending business.

Unique Business Model
Currently, the startup is availing an invoice discounting model which works along with the nature of business. For example, few clients avail invoice discounting for only seven days, while few raise money for 30 days. The company takes over the complete credit business of its clients for one year and clients can avail working capital on daily basis. This facility gives a boost to its clients to acquire the market rapidly.

Its in-house fund disburses 100 per cent of the loan amount within four hours of application while other competitors disburse only 80-90 percent of the invoice. These features make the startup truly stand out from the rest. "With the help of the working capital, WALKfin registered MSME businesses are growing with 100 percent of monthly revenue," adds Naveen.

Growing from Strength to Strength
Owing to its one of a kind business model and with a team of eight hardworking individuals, WALKfin has seen 60 percent month on month growth turnover in the past four months. "Till now, we have disbursed $3.75 crore in the last 120 days with a daily disbursement rate of 3.12L. We are expecting an increment on daily rate by 50 percent to 4.5L/Day in October month," says Anoj.

In August the startup experienced 100 percent growth in revenue and in September already 120 percent increment in revenue is planned. Also, its daily disbursement rate increased by 60 percent as compared to July and August. Total 11 distributors of FMCG brands have signed a service agreement with WALKfin having a retail database of more than 4K. Apart from having a clientele of 24 brands, more than 20 clients are on the waiting list to sign a service agreement which will give a monthly turnover of Rs. 10 crore.


Naveen Upadhyay, Co-Founder

Additionally, WALKfin has been selected in startup acceleration at IA- India Accelerator which is the only global accelerator network partnered accelerator in India. Currently, the startup is present in three districts of Maharashtra (Pune/Mumbai and Satara district), and is looking ahead for further expansion.

Riding the Fintech Growth Wave
An environment-friendly startup, WALKfin is expanding business to logistic industry as well as medicine invoices. "The fintech industry has immense scope with high innovative ways. WALKfin like fintech has the opportunity in export/cash on delivery/logistic business/raw material supplier and a lot more, with ongoing growth we are targeting Rs. 100 crore loan book in next 1year of time," explains Naveen.

WALKfin CTO, Padmesh Tripathi is working for in-house setup on the IT Team who will work on the automation process. WALKfin is surrounded with an experienced group of Chartered accountants and Sachin Jadhav leads this group. Sachin is aggressively working on fundraising activity and strategic tie-ups to achieve Rs. 100 crore loan book in a defined time period.

Moving forward WALKfin is looking to launch an education loan on a zero percent interest rate for which all virtual infrastructure and provisioning in the app has been completed. It is looking to break even in October 2021 and is expecting a profit in the coming years thereby fulfilling the credit gap in the market.