Veefin Group of Companies, a leading technology provider for working capital solutions, has raised ₹136 crore (approximately $11.5 million USD) in a funding round led by capital market investors. The funds will be used to drive product development, accelerate growth, and support the company’s ongoing global expansion efforts.
In addition to this funding, Veefin announced plans to raise another ₹155 crore (around $13 million USD) by January 2025 as part of its next funding round. These investments aim to strengthen the company’s position as the top global working capital technology platform and support its strategic acquisitions, including Regime Tax Solutions (Tax Genie), Epikinidifi (ezee.ai), Nityo Infotech’s India arm, and Singapore-based Walnut.AI.
Management Speak
Gautam Udani, Co-Founder and COO of Veefin Group, emphasized the significance of this milestone:
“This marks a pivotal step in Veefin Group’s journey of innovation and growth. The trust and support from our investors underscore our proven ability to deliver transformative solutions to financial institutions and corporates worldwide. We remain committed to being the most trusted partner for digital transformation for our clients.”
The funding round witnessed strong participation from Veefin’s long-standing investors, who have supported the company since its inception. Veefin Group currently works with over 500 clients, including global giants such as DBS Bank, IBM, Jio Finance Limited, Exxon Mobil, Yes Bank, Kafalah, PSB Alliance, and Riyad Bank. Its platform processes annual disbursements worth $30 billion, making it one of the industry’s leading players.
Driving Innovation in Working Capital Solutions
Founded in 2020 and headquartered in Mumbai, Veefin Group is on a mission to become the world’s leading working capital technology platform. The company offers comprehensive solutions for supply chain finance, digital identity verification, automated financial statement analysis, trade finance, accounts receivable (AR) and accounts payable (AP) automation, and debt securitization.