Bangalore-based B2B supply chain digital lending platform, QuiD Cash, has announced raising USD 4.5 million in a funding round comprising equity and lending capital. The funding round saw participation from new investors, with MINTCAP, an existing investor, reaffirming its support. This funding follows the seed round raised in March 2024 and marks a significant step in QuiD’s journey to revolutionize supply chain financing.
Additionally, the startup has unveiled QuiD Capital, its in-house Non-Banking Financial Company (NBFC), to facilitate anchor-led invoice financing. This move underscores QuiD’s commitment to providing seamless financial solutions tailored to the needs of businesses.
Leveraging Technology for Business Growth
The freshly raised capital will be directed towards technology advancements and business growth. QuiD aims to strengthen its product offerings, particularly its flagship “Pay-in” solution suite for suppliers, which includes:
- Pay Now and Pay Later options at the invoice level.
- Automated reconciliation and reporting capabilities.
- Enhanced ERP integration for suppliers, streamlining operations and financial workflows.
Industry Leaders Applaud QuiD’s Vision
Commenting on the funding milestone, Piyush Jain, Angel Investor and Director at Shrem Group of Companies, emphasized the immense potential of the supply chain finance sector in India. He said, “The supply chain finance market in India is growing rapidly. QuiD’s proprietary technology is designed to facilitate growth by offering seamless working capital solutions to businesses. By leveraging advanced technologies like AI and ML, QuiD aims to empower millions of retailers.”
Data-Driven Credit Model
QuiD’s innovative approach to credit modeling was highlighted by Vikram AG, Co-founder of QuiD. He explained, “QuiD’s unique risk pricing model incorporates a combination of conventional and unconventional data points. This dynamic risk modeling approach, coupled with our in-house NBFC, allows anchors to unlock off-balance sheet financing while covering a maximum number of retailers seamlessly.”
Scaling for Market Demand
Addressing the company’s plans for the future, Co-founder Subhash Gupta said, “The market’s strong demand for supply chain financing solutions drives our strategy. The funds will be invested in enhancing our technology and scaling operations to meet this demand. We are committed to further refining our solutions to provide efficient, tech-driven financial services to businesses.”
Transforming Supply Chain Financing in India
With its proprietary technology and innovative financial solutions, QuiD Cash is positioned to lead the transformation of supply chain financing in India. The introduction of QuiD Capital, coupled with a focus on leveraging AI and machine learning, highlights its mission to provide accessible, seamless, and scalable financial solutions for businesses of all sizes.
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