Reevoy, an invoice factoring startup, has raised a total of $4 million as Seed money, led by 9Unicorns and VCAT. The round also saw participation from Better Capital, Earlsfield Capital Partners, Kunal Shah, Anupam Mittal, Ketan Patel and Hanumantha Kumar.
Started in October 2020, by IIT Delhi, IIM, ISB alumni Ankur Khetan, Ishan Dadhich and Mohit Agarwal, Reevoy is a platform which helps importers source high quality products from Indian exporters and provides working capital to finance the transactions.
The funds will be invested in building its supply-chain technology and embedded finance capabilities. Dexter Capital was the advisor to Reevoy for this deal.
Global trade in textile, home goods and lifestyle category is a trillion-dollar industry. Indian exports are benefiting from global supply chain realignment and domestic support through the ‘Make in India’ initiative. This space is already witnessing a double-digit year on year growth. However, importers continue to face a lot more uncertainties when buying from India, compared to the vertically integrated supply chains of China and South-East Asia.
Ankur Khetan, co-founder of Reevoy said, “In today’s world, where ordering a Rs 50 coffee on an app gives us hundreds of restaurants to choose from and shows us minute-by-minute visibility on the order progress – it is surprising that export orders worth millions are being managed the same way they were 50 years ago. Reevoy aims to turn this on its head, unlocking the India opportunity for global importers.”
Previously, in June 21, Reevoy had raised $1 million in a pre-Seed round.
“Reevoy is a first of its kind startup that is using technology to solve some real pain points for the Indian exporters with regards to supply chain and payments, helping them compete globally. With India’s share of global exports hitting record numbers and forecast to cross $400 billion in current fiscal, we expect massive opportunities for players like Reevoy,” said Dr Apoorva Ranjan Sharma, co-founder of 9Unicorns and VCATs.
Anupam Mittal, CEO of People Group and founder of Shaadi.com said, “Reevoy is a matchmaker between Indian suppliers and global exporters. ”
Reevoy is on a mission to create tech-powered, quality-assured supply chains for fashion and home-décor between India and the world, the company said.
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