Recur Club Funds Startups, MSMEs with Rs 3000 Cr Debt
By Rediff Money Desk, New Delhi Jun 12, 2024 19:19
Fintech firm Recur Club plans to deploy Rs 3,000 crore of debt funding for startups and MSMEs in FY 2024-25 through its Recur Scale and Recur Swift programs.
New Delhi, Jun 12 (PTI) Fintech firm Recur Club on Wednesday said it will deploy Rs 3,000 crore of debt funding for startups during the current financial year.
The company said it has introduced a Recur Scale facility that will provide up to Rs 100 crore for a startup or an SME (small and medium enterprise).
"With transparency as the core principle, Recur Club intends to deploy a total of Rs 1,000 crore with the Recur Scale programme for startups and SMEs, along with an additional Rs 2,000 crore through its Recur Swift programme for startups in FY 2024-25," the company said in a statement.
The company has been offering a fast debt facility for small-scale startups with revenue of over Rs 5 crore, vintage of at least 1 year, and a runway of 3 months through its Recur Swift facility.
The Recur Scale will cater to debt requirements of larger startups and SMEs having revenues of Rs 40 crore and above, vintage for at least one year, and runway for more than 6 months.
Vintage is referred to the period when funding is committed by an investor in a company, while runway measures a startup's capacity to operate with existing funds.
"Recur Scale uses AI-backed matchmaking to connect borrowers with relevant lenders for efficiently discovering, comparing, and selecting credit offers. The company has partnered with over 120 marquee lenders, such as InCred, Tata Capital, Aditya Birla Capital, etc," the statement said.
Earlier this month, Recur Club had partnered with InCred to disburse Rs 300 crore to early and mid-range startups.
"Recur Scale was born out of a genuine need expressed by our growing customers. As their revenues increased with our cash flow-based credit, their credit needs also evolved. There was a clear demand for diverse credit structures within the Recur Club ecosystem," Recur Club CEO and Co-Founder Eklavya Gupta said.
The company said it has introduced a Recur Scale facility that will provide up to Rs 100 crore for a startup or an SME (small and medium enterprise).
"With transparency as the core principle, Recur Club intends to deploy a total of Rs 1,000 crore with the Recur Scale programme for startups and SMEs, along with an additional Rs 2,000 crore through its Recur Swift programme for startups in FY 2024-25," the company said in a statement.
The company has been offering a fast debt facility for small-scale startups with revenue of over Rs 5 crore, vintage of at least 1 year, and a runway of 3 months through its Recur Swift facility.
The Recur Scale will cater to debt requirements of larger startups and SMEs having revenues of Rs 40 crore and above, vintage for at least one year, and runway for more than 6 months.
Vintage is referred to the period when funding is committed by an investor in a company, while runway measures a startup's capacity to operate with existing funds.
"Recur Scale uses AI-backed matchmaking to connect borrowers with relevant lenders for efficiently discovering, comparing, and selecting credit offers. The company has partnered with over 120 marquee lenders, such as InCred, Tata Capital, Aditya Birla Capital, etc," the statement said.
Earlier this month, Recur Club had partnered with InCred to disburse Rs 300 crore to early and mid-range startups.
"Recur Scale was born out of a genuine need expressed by our growing customers. As their revenues increased with our cash flow-based credit, their credit needs also evolved. There was a clear demand for diverse credit structures within the Recur Club ecosystem," Recur Club CEO and Co-Founder Eklavya Gupta said.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.89 (+ 4.71)
- 84074150
- Jaiprakash Power Ven
- 22.89 (+ 3.34)
- 47620916
- Spicejet Ltd.
- 65.25 ( -0.78)
- 27318841
- AvanceTechnologies
- 0.90 (+ 4.65)
- 26883863
- Vodafone Idea L
- 9.32 (+ 1.41)
- 26185410
MORE NEWS
Pakistan & Saudi Arabia Sign USD 2.2 Billion...
Pakistan and Saudi Arabia have signed USD 2.2 billion investment deals in multiple...
Indian Student Becomes 'British High...
Delhi University student Nidhi Gautam experienced a day as the British High...
Samsung Workers Detained, Released: CITU...
Samsung India Electronics workers and CITU leaders were arrested and released after...