GrowFix, a digital funding platform for Securitised Debt Instruments (SDIs), has raised $2 million in seed funding, led by Zerodha’s fintech funding fund Rainmatter, and participation from Better Capital.
A bunch of greater than 20 entrepreneurs, together with Cred’s Kunal Shah, Paytm Money’s former CEO Praveen Jadhav, PayU’s Nitin Gupta and India Gold’s Deepak Abbot, additionally participated in the funding spherical.
The company’s first asset—GrowFix Gold—which was launched in December, had a pool of gold-backed loans where retail investors would invest and get a 11% fixed interest rate.
GrowFix affords excessive neta-worth and retail traders asset-backed fastened earnings merchandise that present larger returns than fastened deposits. The firm was based in January final yr by Ajinkya Kulkarni, Abhik Patel, Shashank Chimaladari and Anshul Gupta.
Given the scenario where FD and debt mutual fund returns have dropped considerably, there is a huge vacuum for products that give 2-3% higher returns than FD and are less volatile than equities,” Kulkarni mentioned. The funding will go in the direction of creating the expertise to underwrite dangers and educate traders about investing in debt belongings and the attendant dangers, he added.
