Good morning, we're on to Thursday and the fundraising news keeps rolling- the activity seems off the charts lately (or everyone is queueing up their announcements right now). Today we have an Agritech startup raising their Pre-Series A & a micro-lending app over UPI is being launched soon.
➡️ The founder of the upcoming neobank Jupiter, which is set to launch next year, Jitendra Gupta is also apparently working on a micro-lending app called Bullet Money. The app is currently in a closed beta and is being rolled out to a select number of users.
➡️ The micro-lending app would offer users loans up to Rs 20,000 and can be spent by them over UPI directly- both for online and for in-person transactions. The company would lend the money through NBFCs and essentially act as a convenient layer for users to get access to credit while still using UPI as a payment mode.
➡️I think the lack of credit over UPI has been the payment infrastructure's biggest issue and it seems like Bullet can solve for that quite well. Having a UPI-like experience but for credit will be quite magical for the users. And with the average credit card bill being around Rs 12,000 the limit does make quite a lot of sense.
➡️ I think it's interesting that the company is going to launch this separately from Jupiter though it does make sense. In the beginning I think new users would be more keen on trying out Bullet as an alternative to a credit card especially since they can use it through UPI. And as Bullet scales, it could also act as distribution hook for Jupiter. And with CACs for neobanks usually being super high, this could really help scale Jupiter out once they launch next year.
2. https://bit.ly/2HA3nO9: BharatAgri raises a Pre-Series A
➡️ AgriTech startup BharatAgri has raised an undisclosed amount from Binny Bansal-backed 021 Capital & existing backer India Quotient in a Pre-Series A round (side note: can we start calling these Post-Seed rounds?).
➡️ The company plans to use the capital to expand its reach in the country and develop its product further. The company was founded in 2017 and provides decision making support to farmers. One of its products is called Krishi Doctor- an intelligent farm advisor helping farmers increase their yield by 40% and further reduced the management costs.
➡️ They are also the only company that has been able to charge for digital advisory at scale in their sector and has sold 13,000 subscriptions during the pandemic season alone. The company also aims to reach 5M users and 500k paid subscribers in the next couple of months (this would be super cool) and currently has over 350k users.
➡️ There certainly seems to be a lot of founders building ventures in the agriculture space and investors seem to have an appetite for the sector.
Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/sarthakgh/status/1321469636446216193
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