Fintech startup Minko raises $1.5 mn in seed round from Mumbai Angels, others
1 min read . Updated: 27 Jan 2022, 12:13 PM IST
Premium- Minko will utilise the funding to strengthen its team by hiring talent for its technology and sales verticals and to expand its footprint across India, according to a press release.
Minko, a fintech startup offering credit to retail shops, has raised $1.5 million in a seed round that saw participation from Mumbai Angels, CRED founder Kunal Shah, LC Nueva, and LetsVenture.
Minko will utilise the funding to strengthen its team by hiring talent for its technology and sales verticals and to expand its footprint across India, according to a press release.
“We are thrilled to be backed by eminent investors in our journey to enable retailers to access low-cost instant credit through a simple process," said Sanket Shendure, co-founder of Minko. There is a large gap in the credit system for offline retailers and Minko aims to tap that space. "We are now looking to augment our offerings further and for this, team strength, talent and reach are necessary. We will continue to enhance our products and expand our presence in new markets in the country," added Shendure.
Founded by Sanket Shendure and Sanmati Shendure, Minko began product development in January 2021 and has achieved a remarkable growth trajectory since then. Besides its flagship product Minko Credit, the company has added three new products in six months – Minko Invoices, Minko QR Code, and Minko Gold. Currently present in Goa, Maharashtra, and Bihar, Minko aims to expand to other states this year and onboard 100,000 retailers and distributors onto its platform, as per the press release.
Nandini Mansinghka, co-founder and CEO of Mumbai Angels, said, “We see a growing need for instant and seamless credit facilities, especially for retailers. We believe our portfolio company Minko is a game changer making access to digital credit a simple and efficient process."
