Invoice factoring co Reevoy raises funding from Stellaris, Better Capital, others

Mumbai-based Reevoy, an invoice factoring startup, has raised a seed funding round led by Stellaris Venture Partners along with Better Capital and Startup Angel Network (SAN); Ashish Sharma of InnoVen Capital; Atul Mehta, former World Bank Group officer; and Kunal Shah, founder of CRED, also participated in this round. Founded by IIT-Delhi alumni Ankur Khetan, Ishan Dadhich and Mohit Agarwal, Reevoy aims to address the working capital funding gap faced by the small and medium enterprises (SMEs). The startup focuses on technology-driven underwriting that will enable exporters to get fast funding approvals. Earlier in March, the startup raised funding from 25 angel investors including Alok Bansal, co-founder, PolicyBazaar; Himanshu Aggarwal, co-founder, Aspiring Minds and Gaurav Ajmera, former chief operating officer, Oyo. The firm also raised private debt in the UK, the US and EU capital markets to further finance Indian SME exporters.