The financial technology startup operates in India through its Delhi-based subsidiary called Recur Club Technologies. InfoEdge Ventures, the investment arm of Info Edge (India) and Village Global have invested $2 million in equities of the parent company.
The balance of $28 million (Rs 210 crore) is raised in rupee-denominated debt from Aditya Birla Finance, U GRO Capital, Incred Financial Services, and a few others.
The funding happened in August last year. The company got it credited this year between January and March, said Abhinav Sherwal, co-chief executive at Recur Club.
Founded in 2021 by two batchmates from IIM Calcutta — Sherwal and Eklavya Gupta, Recur Club offers finances against recurring future revenues.
“Firms in the IT sphere have highly predictable cash flows with the only problem being lagging revenues. We finance them against these anticipated cash flows,” said Gupta, co-chief executive officer at the firm.
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