Velocity, a top financing platform focused on cash flow, has recently rolled out a creative funding program. They have set aside Rs 300 crore to support the growth of Indian B2B Software-as-a-Service (SaaS) businesses.
Velocity has teamed up with some of India’s best financial companies and other regulated groups to make this new plan happen.
Velocity is offering a special kind of loan tailor-made for SaaS businesses. They want to give these businesses money, specifically 3 to 6 times the amount they make every month. It is like a boost to help them grow and do even better. Importantly, this injection of growth capital comes without requiring these selected companies to dilute their equity.
Founded in 2020 by Abhiroop Medhekar, Atul Khichariya and Saurav Swaroop, Velocity has distinguished itself by offering credit within the range of Rs 50 lakhs to 5 crores for a 12-month term. Velocity uses the strong information and money movements of businesses to offer money solutions. They have different types of loans including fixed-term credit.
Velocity gave out more than Rs 400 crore in loans in just 2023. This made a big difference for new businesses trying to get started with their money. The company proudly reports crossing the milestone of 2,000 lifetime investments, with 500 brands receiving funding in the previous year. Notable beneficiaries of Velocity’s financial support include well-known brands such as French Crown, Iconic Fashion, Soulflower, Chumbak, IDC Kitchen, Off Duty, Itsy Bitsy, Bear House and Zlade.
Velocity got a lot of money support – so far about $30 million. The main supporter is Peter Thiel’s Valar Ventures, showing that big players believe in Velocity’s smart way of helping with money.
