XtraCap Fintech has raised funding for shaping the unorganized retailing market
What is the ideological background of this startup?
Founded in 2017, XtraCap Fintech was a small startup set in Gurugram. It has developed an invoicing platform for supporting the small scale retail sector. With the help of Bridge2Capital, the small retailers will get an opportunity to experience the short-term liquidity index. With a defined credit period, it will offer loans. Bridge2Capital is a mobile application. It was a successful attempt since 2018 due to the huge number of registration of the shopkeepers. It was never thought before that with the help of a mobile application, such kinds of opportunities will be obtained. Following the huge success of the app launching, it was a necessary element for funding from foreign investors.
Why is the startup raising funding?
The company has got investments in the angel round of funding from US and UK investors. The amount is close to I million or 70 crore rupees. With the help of this funding, the startup will step into a more profitable business creating more opportunities for Indian retailers, especially from the north-western frontier. The distribution of the network will be now more strengthened. The IT infrastructure of the startup will now be more flexible. More products will now be displayed on the app with better functionality.
How Startups like XtraCap Fintech is becoming so much Successful?
The structural configuration of the economy is now changing from cash to short credits. Any startup which takes advantage of this new modification will result in huge growth in the market. They have enough potential to change the landscape of the economy. These startups are ensuring the digital mode of transaction throughput the entire supply chain of the industrial sector. The small retailers will better understand the concept of digital payments and transactions with the help of these organizations. They fear the cashless economy because its utilization requires some basic technical knowledge.
What are the long-term goals of XtraCap Fintech?
The startup will provide the digital ecosystem to a huge number of towns and cities both in rural and urban areas where the consumer demand is sufficiently high. By 2028, the company targets to collect lakhs of retailers. Under the Bharat Inclusion Initiative, XtraCap Fintech is planning to make huge progress regarding digital marketing. QR based online payment is ensured by this magnificent application. The retailers will get insurance online from the application. Logistic payment needs to be operated by management with the help of the app.
More News: Startup Unfold
The industrial belt of India was in a bad stage since the low GDP of the country. Again Covid-19 devasted the already-weakened economic sector. Even in the dark days, XtraCap Fintech is performing well in the market due to its better adaptability. Despite this pandemic situation and lockdown, Bridge2 Capital has witnessed a huge amount of registration from the small scale retailers. They can now get hold of their GST supplier. In exchange, they get sufficient funding from the suppliers.