BridgeUp, a recurring revenue trading platform, has announced it has raised $1 million in Seed funding from marquee investors and industry stalwarts.
The lead investor is Darshan Patel – Founder, Vini Cosmetics. Other investors include Rajesh Doshi - Founder & Managing Director of Steer Advisors, Kunal Haria - Principal, IIFL Wealth, and Aaryaman Vir - Cofounder, Prophetic Ventures, Rohan Suri - Director, KKR & Co, Ankit Aggarwal - Principal, KKR & Co., Sumeet & Hemant Kabra -, RR Global and Harman Sachdeva.
What does BridgeUp do?
Started in 2020, BridgeUp claims to be APAC’s first recurring revenue trading platform that allows businesses to obtain cash quickly without the hassles of traditional fundraising or the debt or dilution that come with it. Companies can trade the annual value of their monthly contracts and get their entire revenue upfront. BridgeUp enables the transactions without compromising or diluting the equity of the company.
What areas will funds raised be used for?
Zeus Dhanbhura, Founder & CEO, BridgeUp informed, “The company plans to utilize the funds for product development, team expansion, and further scaling up operations. We have facilitated significant disbursal in capital to companies on our platform. The types of companies range from B2B SaaS, EV Charging, Services to co-working spaces and more; we are attracting a healthy mix across the entire target segment of recurring revenue based companies. The total volume of contracts on our platform is in excess of $150m already.”
BridgeUp’s model was appealing to Darshan Patel, MD and Founder of Vini Cosmetics. “BridgeUp is a fascinating tool that should have been here in India a long time ago. The need for a product like this which gets you access to capital within days cannot be overstated. “
Vijay Yalamanchili, CEO and Founder of Keka HR – SaaS player in the HRMS space, said that he was on the lookout for a product like this for a while. He said, “This access to quick capital that BridgeUp provides is invaluable for founders who have achieved product market fit. I have already given BridgeUp our capital requirements for the rest of the year”.
Rajesh Doshi – Founder, Steer Advisors said. "We believe BridgeUp's offering is global in nature and provides a win-win both for the companies that borrow and for the investors who lend - fulfilling a required gap in the capital markets across the globe."
