Swipez, a Mumbai-based SaaS platform that provides a common platform for all types of merchants to manage their billing and collect payments, has secured an undisclosed amount of equity funding led by Anicut Angel Fund, according to VCCircle report.
At Anicut Angel Fund, the round was led by Venkatesh Ramarathinam, chief executive officer of Vuram Technology Solutions.
Angel investors Sanjiv Bajaj, Ashvin Chadha and Harsh Khanna also participated in the funding round. 9Unicorns, a Mumbai-based early-stage fund, came in this round as a co-investor.
Commenting on the development, Vivek Iyer, co-founder, Swipez, said, “Improving operational efficiency gives businesses better cashflows and margins. We are seeing clients using Swipez improve their collection efficiencies by over 35%. Automation provides them visibility and efficiency.”
Shuhaid Lambe, co-founder, Swipez, said that this round will help the company increase its merchant base significantly.
“With the government’s digital initiatives and India being a hub for SMBs, a tech product that makes this segment effective will certainly be sought after. India is slowly moving towards adopting tech in a better way; digital payments will further bolster adoption of tech,” said Ramarathinam.
“SMBs are coming to terms with tech driving higher revenues and lowering costs. Currently, this segment is prime with a few players and there is large enough space for newer bolder entrants,” the founder of Vuram Technology Solutions added.
Swipez helps small and medium businesses (SMBs) in setting up their online transactions, managing receivables & payables, generating invoices & bills, consolidating expenses & revenue at one place, following up for receivables and linking their bank accounts for digital transactions. The platform also helps SMBs file their GST returns.
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