NAKAD, a supply-chain-focused finance firm, announced on Wednesday that it has secured $7 million in a seed round led by Accel and Matrix Partners India, with AdvantEdge Founders participating.
The Delhi-based firm, which provides working finance to India’s supply chain micro, small, and medium enterprises (MSME), said it will utilise the funding to expand its team, product, and operations in India.
NAKAD, founded in January 2022 by Ujwal Kalra, Sambhav Jain, and Avinash Uttav, provides invoice discounting services to MSMEs through its proprietary MicroBill technology infrastructure, which were previously inaccessible through formal channels.
To create a seamless solution that benefits the entire ecosystem, the business has worked with several anchors, their supply base, banks, and NBFCs.