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, Minko 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 – Minko QR Code, Minko Invoices, Minko Gold, and Minko Credit.
Minko 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 Minko app.
Minko QR Code allows the retailers to accept payments from customers via UPI and get more local customers resulting in increased business.
Minko 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.
Minko 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 Minko, 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.