The pre-seed funding round for the financial technology platform 50Fin, which was co-led by 100X.VC, Keynote Capital, and Arun Venkatachalam, raised Rs 4.25 crore. KRS Jamwal, Aniket Nikumb, KredX founder Manish Kumar, Sumit Khadria, Rajesh Sawhney, IndiaMart founder Dinesh Agarwal, and others also took part in the round.
According to a press release from 50Fin, the company intends to use the funds to enhance its product portfolio, continue developing its embedded solutions, and better serve its customers.
Aditya Srinivas Prasad and Darpan Samir Tanna co-founded 50Fin in 2022 to provide customers with instant loans secured by stocks and mutual funds. The company has streamlined the entire loan application process, completing it from sign-up to loan approval in just 7 minutes and doing away with the need for hard copies of documents and CIBIL checks.
According to 50Fin, its platform enables investors to quickly and easily access credit against their portfolios. According to 50Fin, it is currently integrating its platform with top portfolio management services and asset management firms. By the end of the current fiscal year, the company wants to have disbursed loans totaling Rs 100 crore.
100X.VC recently disclosed that it had invested in 22 startups through Class 09. AbCoffee, Airbook, Bansiwala, and BreatheESG are a few of the noteworthy startups in Class 09, to name a few. The group also included Rannkly.
