Latest News | Recur Club Aims to Facilitate Rs 3000 Cr Debt Funding for Startups, MSMEs This Fiscal

New Delhi, Jun 12 (PTI) Fintech firm Recur Club on Wednesday said it will deploy Rs 3,000 crore of debt funding for startups during the current financial year.

The company said it has introduced a Recur Scale facility that will provide up to Rs 100 crore for a startup or an SME (small and medium enterprise).

Also Read | SSC CHSL Exam 2024: Combined Higher Secondary Level Examination To Begin From July 1, Admit Card Likely To Be Released Soon at ssc.gov.in; Know Steps To Download.

"With transparency as the core principle, Recur Club intends to deploy a total of Rs 1,000 crore with the Recur Scale programme for startups and SMEs, along with an additional Rs 2,000 crore through its Recur Swift programme for startups in FY 2024-25," the company said in a statement.

The company has been offering a fast debt facility for small-scale startups with revenue of over Rs 5 crore, vintage of at least 1 year, and a runway of 3 months through its Recur Swift facility.

Also Read | Andhra Pradesh Cabinet Ministers List 2024: How Many Ministers Are in Andhra Pradesh? Who Is AP Deputy CM? Know Everything Here.

The Recur Scale will cater to debt requirements of larger startups and SMEs having revenues of Rs 40 crore and above, vintage for at least one year, and runway for more than 6 months.

Vintage is referred to the period when funding is committed by an investor in a company, while runway measures a startup's capacity to operate with existing funds.

"Recur Scale uses AI-backed matchmaking to connect borrowers with relevant lenders for efficiently discovering, comparing, and selecting credit offers. The company has partnered with over 120 marquee lenders, such as InCred, Tata Capital, Aditya Birla Capital, etc," the statement said.

Earlier this month, Recur Club had partnered with InCred to disburse Rs 300 crore to early and mid-range startups.

"Recur Scale was born out of a genuine need expressed by our growing customers. As their revenues increased with our cash flow-based credit, their credit needs also evolved. There was a clear demand for diverse credit structures within the Recur Club ecosystem," Recur Club CEO and Co-Founder Eklavya Gupta said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)