Mumbai based fintech startup Kodo announced that it raised USD 8.75 Million in a seed funding round on Thursday, 28th May 2021. The funding round saw participation from investors like Brex, Pioneer Fund, and Goat Capital. Some of the silicon valley investors also took part in the round.
The startup stated that it would utilize the funds raised to strengthen and increase its team in sales, operation, engineering and product department to back its ongoing growth plans.
Words from Investors –
“Kodo has built an amazing foundation in India and we are looking forward to putting the full weight of our experience behind them,” – Henrique Dubugras, Co-CEO, Brex.
Brex is an all in one financial solution firm for growing business. It goes way beyond just a role of a bank, credit card, bookkeeper and software for expense tracking to aid companies to earn, save and spend smartly. After 2017’s Y Combinator Accelerator programme, it has grown over 600 employees and raised more than USD 940 million in investment rounds.
“As early investors of the global fintech revolution, we were struck by the clarity of Kodo’s vision. We seek tenacious founders unlocking massive new markets. Deepti and Gaurav are exactly the type of founders we love backing.” – Robin Chan, General Partner of Goat Capital.
Goat capital was founded in 2020 by Robin chan and Justin Kan, who is also co-founder of twitch, with more than USD 100 Million under Management. The founders have invested in many company’s early stages like Square, Twitter, Xendit, Xiaomi, Razorpay, Gingko and Ramp Financial.
About Kodo –
Kodo, a fintech startup was founded in 2019 by Depti and Gaurav Thapa. It was part of the Y-Combinator 2021 winter batch. It is on a mission of putting a corporate card of Kodo in every entrepreneur’s hands in India.
It will utilize the raised amount to nourish and increase its team in sales, operation, engineering and product department to back its growth.
The company claims that the business collection in the country is experiencing a big evolution of the cashless economy, which is creating a solid demand for Kodo’s card and management tool. It also claims that Kodo’s card spends have increased nearly 45% every month for the last year, which led it to jump on a transaction volume of 83x.
Words from the CEO –
On the latest fundraising, Deepti Sanghi, Co-founder and CEO, Kodo, stated –
“We believe that founders should be free from the anxiety of where their money is, how much is being spent, and how to optimise their cash flows. Kodo cards with integrated spend management tools is our first step towards that goal.”
“We are seeing accelerating adoption of Kodo cards from businesses ranging from VC backed startups to SMBs, across sectors. With this capital raise, we are well-positioned to build on that momentum, strengthen our team and expand our customer base.”
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