Recur Club, a Singapore-headquartered platform that facilitates alternative financing, has raised US$30 million in a seed funding round co-led by InfoEdge Ventures and Village Global.
Recur co-founder Eklavya Gupta / Photo credit: Recur Club
Aditya Birla Finance, U Gro Capital, Incred Financial Services, and angel investors also participated in the round, which raised money through a combination of equity and debt.
Recur, which also has an office in New Delhi, offers a marketplace that helps companies raise growth capital without needing debt or diluting their equity. It works with companies that have a consistent annual revenue of at least US$100,000. Financing ranges from US$10,000 to several million dollars.
Eklavya Gupta, the co-founder of Recur, said the company’s trading volume has grown 5x in the last two quarters, serving over 500 companies and making more than US$150 million in listed annual recurring revenue (ARR). He expects these figures will grow to over 2,000 companies served and listed ARR of over US$1 billion by the end of 2022.
Gupta founded Recur Club with Abhinav Sherwal in 2021. The co-founders are batchmates from the Indian Institute of Management Calcutta, a public business school.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Gupta told Tech in Asia that Recur currently operates in India and will expand to the US and Singapore next year. Recur plans to use the funds to improve the product experience and expand its sales and engineering teams, among others.
Editing by Deepti Sri and Arpit Nayak
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