Mithi Software, a Pune-based SaaS startup, has recently secured $500,000 (approximately Rs 4.12 crore) in a funding round from Recur Club, a revenue-based financier. The details of the funding round have not been disclosed yet.
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The will use the newly acquired funds to enhance its product offerings and to expand its cash flows marketing initiatives.
Mithi, a software as a service (SaaS) provider, was established by Tarun Malavia. The company specializes in offering tools that ensure the safeguarding, transparency, and flexibility of vital corporate information. The bootstrapped company is reportedly seeking funding from venture capital firms in the near future.
According to Mithi Software’s founder and CEO, Malavia, the financial costs of raising capital through Recur Club were balanced out by the savings achieved by paying expenses upfront with Recur Club Financing.
In January, a revenue-based funding round worth Rs 1 crore was led by Recur Club in the HR-focused tech startup InCruiter. In response to the collapse of Silicon Valley Bank in March, the platform has established a $15 million capital pool to provide interim financing to startups that were affected.
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