QuiD Cash, a Bangalore-based B2B supply chain digital lending platform has raised $4.5 million in its pre-Series A funding round. The funding round saw participation from angel investors, including Piyush Jain, Director of Shrem Group, and existing backer MINTCAP. The funds are in a combination of equity and lending capital.
The startup also announced the launch of QuiD Capital, an in-house NBFC facilitating anchor-led invoice financing.
The funds raised will be invested in technology and the company’s growth.
Previously in March 2024, the company had raised ₹5 crore in a pre-seed round led by Mint Cap Enterprises and Stone Park Capital.
Piyush Jain, Angel Investor and Director of Shrem Group of Companies, said, “The supply chain finance in India as a segment is huge and growing at a rapid phase. QuiD’s proprietary technology is built to enable growth by offering seamless working capital to businesses. QuiD aims to leverage advanced technologies like AI and ML to enable millions of retailers.”
Talking about QuiD’s credit model, Co-founder Vikram AG, said, “QuiD’s unique risk pricing model, inputs a wide range of unconventional and conventional data points, modelling and pricing the risk dynamically. This data science approach with inhouse NBFC helps anchors in unlocking off-balance sheet financing by covering maximum retailers seamlessly.”
On the funding utilisation, Co-founder Subhash Gupta, said, “With the strong demand coming from the market, funds raised will be deployed towards further investment in technology and growth. QuiD’s hero product “Pay-in” solution suite for suppliers includes Pay Now and Pay Later at invoice level with automated reconciliation and reporting capabilities, will be further enhanced with suppliers’ ERP Integration.”
Founded in 2023 by Subhash Gupta and Vikram AG, QuiD Cash provides technology-driven financial solutions through its B2B supply chain platform.
The startup claims to serve around 8,000 registered users and collaborates with over 20 large anchors across various sectors, including FMCG, automotive, pharmaceuticals, and agri-businesses. Each anchor processes transactions worth ₹50 to ₹250 crore monthly.
QuiD Cash currently operates with a team of 40 employees and plans to expand to 50 people by next year. The company has set an ambitious goal of onboarding 5 lakh retailers over the next two years.
