Hyderabad: Hyderabad-based tech-enabled credit and payment reporting platform Recordent has announced securing of undisclosed capital in an on-going angel funding round. The newly raised capital will be utilised to invest in technology and product development to offer a seamless service to MSMEs. It will also utilise the funds to expand its team strength and acquire more users.
Founded by Harish Mamtani, the company aims to address the challenges faced by MSMEs for the collection of customer dues and recover payments. Winny Patro, co-Founder joined Recordent in late 2019 to lead the India market and successfully launched its services/product in January 2020. The company has witnessed a significant traction since its launch.
It offers a platform where MSMEs can leverage the data and technology to accelerate their payment cycle. Currently, Recordent has a portfolio of over 400 clients from across the nation including Guarented, Shipyaari, Cona Electricals, Virtusa Lifespaces, Way2Online, Furniture World, Namma Dhobi, Spectra India, Technosoft, Lotus Lap Schools, Kleenco, Spandana Spoorthi Microfinance, and TV5. Over 2,500 customer due records have been submitted on the platform with a total value of over Rs 120 million.
Patro said it is witnessing a tremendous growth trajectory during the lockdown and is geared up to bring 20,000 businesses to register on the platform by March 2021.
