Mumbai: Kodo, a corporate card startup announced on Thursday that it has recently raised $8.75 million in a seed funding round from several investors involving Brex, Goat Capital, Pioneer Fund, and other Silicon Valley investors.
The fintech startup was founded in 2019 by Deepti Sanghi and Gaurav Thapa. The mission is to put a Kodo corporate card in the hands of every founder in India. It will use the funds raised to support its accelerated growth plans by growing and expanding its team across engineering, sales, product, sales, credit, and operations.
Meanwhile, the Co-founder and CEO Deepti Sanghi said- “We believe that founders should be free from the anxiety of where their money is, how much is being spent, and how to optimize their cash flows. Kodo cards with integrated spend management tools are our first step towards that goal.”
She further added- “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,” she added.
As per the firm, business collections and spends in the nation are witnessing a massive shift from cash and digital. It is creating strong business opportunities for Kodo’s cards and its tools. It claims that its service or cards have grown 45 percent every single month for the last 12 months. Hence, the business leading to an 83X jump in a transaction.
It is an all-in-one finance solution for growing business. It helps companies in bookkeeping, credit card, or expensive software to spend, save, and earn better. After completion of the Y Combinator accelerator program in 2017, Brex has grown to over 600 employee base and raised around $940 million in venture capital.
One of the investors, Robin Chan, General Partner at Goat Capital said- “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 Gaurab are exactly the type of founders we love backing.
Moreover, the company claims Kodo claims that it offers a smooth and seamless card experience to busy founders, starting with a 3-minute approval process to automate expense management tools. It believes that repetitive financial tasks should be automated so that businesses and their founders can focus on other crucial areas. It also offers rewards of worth over INR 50 lakhs to its prospects.