- Startup was launched by Delhi School of Economics alumnus Mohammed Riaz in October 2018
- The Company will utilize the funds to increase product offerings and expand to new geographies
Xtracap Fintech, a transformational business model, has raised $1 million in an angel round of funding. The startup was founded by Mohammed Riaz in 2018. The startup will utilize these funds to build an invoice financing platform for the unorganised retail sector.
In a media statement, Xtracap founder Mohammed Riaz, said,
“With increase in digital adoption, this time period will shrink in the future due to the unprecedented COVID-19 situation.”
Xtracap Fin-tech is a transformational business model which is designed to accelerate local GDP by moving small businesses in small towns from unorganized to organized environments by enabling access to on demand liquidity and habit forming technology applications. The technology company will target to access 500,000 small businesses in a serviceable market of 8 million retailers in small cities and towns of India in the next 7-8 years. The company will form a 100% distribution subsidiary to create a distribution network with assistance from local partners in 250 high consumption districts of India in the next 5 years.