With the participation of investors including Goat Capital, JAM Fund, Olive Tree Capital and GoodWater Capital, and others from silicon valley, Bueno Finance, a Gurugaram-based startup, raised $3 million in its seed round on 22nd June.
According to the statement made by the company marquee, the Y Combinator-backed firm is mulling to utilise the funds to increase product offerings and strengthen its unit across product, sales, engineering, credit, and procedures to support its stimulated growth strategies. Indian Angel investors such as Kunal Shah of Cred and Anupam Mittal of Shaadi.com also pitched in.
Company’s Insight
Bueno Finance, launched in October 2019 by Saurav Gandhi and Sandeep Arora, who was a member of the Winter 2021 batch of US-based startup accelerator Y-Combinator with the mission of providing financial solutions to the subsequent billion users in India, concentrating on distributing credit-focused neobank for India’s average and lower-middle-income share.
Bueno brings forth a UPI handle, which is upheld by a credit line maintained by Bueno Finance; this can be used to transact at any online retailer or distributor. Through the app, clients can also work this credit line to transact in the offline system through QR codes available at every handler.
Words of the CEO
“Barely 10% of the formal credit goes to 45% houses of India earning roughly $200-$400 a month. Bueno Finance aspires to democratise credit along with other monetary assistance to this massive slab,” mentioned Saurav Gandhi, co-founder and CEO, Bueno Finance.
“We are expanding and also plan to procure various partners for customer acquisition. Bueno is partnering with quality businesses to suffice its mission, which in turn ensures a win-win arrangement for the client and the company,” he added.
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