Keka HR, the HR tech platform for SME businesses in India, raised $1.6 million non-dilutive growth capital through Recur Club, a new-age subscription-based financing platform.
The capital infusion on Recur Club took only two days to get completed, and that too without any dilution of Equity, restrictive Debt, or any lengthy paperwork.
Keka would be using the funds for growth and customer acquisition by investing in marketing and sales. Vijay Yalamanchili, CEO at Keka HR said, "I have had experience in the past working with traditional banks which took several months. We were scouting to raise a bridge round to fund our growth for the next year and stumbled upon Recur Club. The promise of a subscription based financing that doesn't dilute equity was a no brainer."
"The platform was quite easy to use and the amount of time required to get access to the funds was magically fast! With Recur Club we were able to close the transaction in a couple of days. Most importantly we were able to raise funds without any collateral which generally makes it impossible for entrepreneurs to raise any money in early stages," Yalamanchili added.
Eklavya Gupta, Founder and Co-CEO, Recur Club said, "At Recur Club we obsess about helping founders such as Vijay at KekaHR, by providing an alternative way to raise growth capital without equity dilution or restrictive debt. In my 11 years of experience in the investment industry, I have seen deals take upwards of 6 months to actual Cash in Bank."'
"We have come up with a more efficient solution by making Recurring Revenue contracts fully liquid and tradeable as an asset and enabling founders to raise growth capital within 48 hours. Recur Club is the fastest way to Cash in Bank! Since our launch earlier this year, we have grown exponentially with over $40 million tradeable recurring revenue listed on our platform," Gupta said.
Keka is looking at Recur Club as a long term growth partner, to continue enabling HR teams to adapt, evolve, and scale by working more effectively.
(With inputs from ANI)