Home Melange Minko raises new $1.5 million to expand its service offering to offline retailers and distributors in India.

Minko raises new $1.5 million to expand its service offering to offline retailers and distributors in India.

The company’s Minko Credit product allows shop owners to get easy access to credit and grow their business.

by PP News Team

The company’s Minko Credit product allows shop owners to get easy access to credit and grow their business.

Mumbai- 14th, January, 2022: Minko, a retail FinTech platform that provides credit facilities to small Kirana and retail shop owners, has raised $1.5 million in a seed funding round from marquee investors. With the freshly raised funds, the company aims to help offline retailers and small shop owners across India to grow their businesses by bridging the credit gap of $250 billion for this segment.

Founded by Mr. Sanket Shendure and Mr. Sanmati Shendure, They started its operations in 2021 and now offers distributors a B2B payments stack. Intending to be a technology partner for distributors, the company primarily has four products – QR Code, Invoices, Gold, and Minko Credit.

The Credit offers a credit stack which enables shop owners in India to get short term credit to pay their supplier invoices in three clicks via the app.

It’s QR Code allows the retailers to accept payments from customers via UPI and get more local customers resulting in increased business.

The Invoices allows the shop owners to earn cash discounts regularly by paying their supplier bills on time via UPI. It also enables the distributors to issue deadline-based invoices, ensuring timely payment, thereby saving operational and cash collection costs.

The Gold is its saving stack that enables the end-users to convert their cashback into gold. Through this, the clients can also start daily savings in gold, helping them initiate a long-term saving plan.

Speaking about the products, Mr Sanmati Shendure, Co-Founder, Minko, said,
“At, our focus is to help distributors and retailers grow their business. We do this in a couple of different ways. The company’s B2B payments stack helps distributors reduce cash collection costs, credit interest costs and the work involved in following up for payments.
For retailers, we offer a mobile app from which retailers can pay invoices on time and earn cash discounts / free gold. They can also take short term credit very easily for working capital which can help them increase their business turnover and margins.”
Minko has on boarded 10,000+ retailers and distributors of reputed brands, including Unilever, Parle Agro, Coca-Cola, Haldirams, Britannia, etc., over the last six months. The company aims to expand to other states in India in the coming year and expects to onboard over 1 lakh retailers and distributors.

About

It is a retail FinTech platform that provides small Kirana and retail shop owners in India with a unique embedded credit facility with their supplier invoices, enabling them to grow their business. The company’s flagship product, Minko Credit, and three new ones – Minko QR Code, Minko Invoices, and Minko Gold – aim to expedite growth in the offline retail space and lessen the credit gap. Founded by Mr. Sanket Shendure and Mr. Sanmati Shendure, Minko started its product development in Jan 2021 and is based out of Goa. With its presence in Maharashtra and Bihar, the company aims to expand to other states in India soon.

This article was shared to Prittle Prattle News as a Press Release.

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