Funding

News, The Morning Context

Slow and steady Digio is winning the paperless race

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Digio, founded by Nithin Kamath and Abhimanyu Pandian, has “slowly and silently become the back-end infrastructure provider to several industries”. The software-as-a-service (SaaS) company offers a suite of tools built around reducing paperwork, including Know Your Customer (KYC) checks, document management, compliance monitoring, and financial information aggregation. It was an early player in the space and quickly onboarded most of the stockbrokers and e-signing players. What sets Digio apart is its all-round product, focusing on the “forefront of India’s paperless digital transformation”.

News, The Morning Context

CRED set to raise $75 million at $3.5 billion valuation

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The down round will help stabilize the Kunal Shah-helmed fintech’s runway as it tackles headwinds in unsecured lending. CRED is close to announcing a deal to raise $75 million from existing investors, with the round being led by Singaporean sovereign wealth fund GIC. The deal values the company at $3.5 billion, a decrease from its $6.4 billion valuation in 2022. The company reported revenue of Rs 2,473 crore and a loss of Rs 1,644 crore in FY23-24.

News, The Morning Context

Lured by a get rich(er) quick scheme, HNIs allege TradeCred bluffed them

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TradeCred may have reached the end of the road, according to eight HNI investors who want to withdraw their funds after alleging the invoice discounting platform bluffed them. The platform offered high-net-worth individuals the chance to invest in invoices for short-term returns. The story details a journey from sales pitches to legal notices, with many investors still waiting for their principal amount and returns. The platform is currently operating in a regulatory grey area.

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