Modifi, an Indian fintech startup that offers digital trade financing to small- to medium-sized businesses (SMBs) and helps them trade internationally, has closed a $24 million Series B round led by Heliad Equity Partners.
The startup, which also helps SMBs trade internationally, plans to use the seed round to upgrade its platform, allowing customers to do all their trade-related business in one place.
Heliad Equity partners were not the only investors in this round. Other investors include Italian venture capital firm Neva SGR, an arm of banking group Intesa San Paolo, Global Founders Capital, Maersk Growth, and Picus Capital.
“We have successfully contributed to digitizing the trade finance industry here, with great help from the ‘Digital India’ initiative,” said Co-founder Nelson Holzner. “However, finance is just one piece of the global trade puzzle, and Indian SMEs still lack the tools and know-how to trade with the ease and comfort enjoyed by their larger counterparts.
“Through this funding, we intend to invest in a comprehensive trade management hub that will empower them to take control of their global trade activities,” he said.
The platform is on pace to share more than $1 billion to Indian SMBs by 2023.
India in focus
GDP: $2.623 trillion in 2020 compared to $2.871 trillion in 2019
Population: 1.38 billion in 2020 compared to 1.366 billion in 2019
GDP per capita: $1,900 in 2020 compared to $2,100 in 2019
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