Klub, a financial technology startup that specializes in offering revenue-based financing, has reportedly secured USD 20 million during a seed funding round that was led by existing investors namely Sequoia Surge and 9Unicorns in a mix of debt and equity.
This round also saw the participation of new investors Japan's GMO Venture Partners and Alter Global. This latest fundraising is considered to be one of the largest seed financing rounds in India’s startup ecosystem to date.
Klub also announced deploying around USD 5 billion to expand its digital medium for small businesses and local brands over the ensuing quarters. The company is planning to use the fresh fund to expand its market segments and product offerings, accelerate the development of its data and tech platforms, as well as to increase its team
For the unversed, Klub was founded by Ishita Verma and Anurakt Jain in 2019. This Singapore-headquartered company provides flexible growth capital ranging between USD 2690 to USD 300 million to digital brands with zero equity dilution.
Klub also provides funding for capital expenditure, marketing strategies, inventory processes with the help of data-driven analytics to aid faster funding decisions. Since its inception, Klub has financed over 500 businesses.
The co-founder Anurakt Jain believes that local businesses have flourished since India encountered the digital revolution. He added that the digital commerce ecosystem in India requires more than 'one size fits all' financing options.
Meanwhile, Apoorva Ranjan Sharma, President, and co-founder of 9Unicorns stated that Klub, with its deep data-driven risk analytics and its platform approach, is spearheading the digital revolution in India.
Earlier in January, Klub managed to secure USD 2 million as a part of a pre-seed round, which was led by Surge along with the participation of other angel investors.
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