Recordent, a tech-enabled credit and payment reporting platform, has announced securing of undisclosed capital in an on-going Angel funding round. The newly raised capital will be utilised to invest in technology and product development to offer a seamless service to MSMEs. Recordent will also utilise the funds to expand its team strength and acquire more users.

Headquartered in Hyderabad, the company was founded by Harish Mamtani to address the challenges faced by MSMEs for the collection of customer dues and recover payments. Winny Patro, Co-Founder joined Recordent in late 2019 to lead the India market and successfully launched its services/product in January 2020. The company has witnessed a significant traction since its launch. Recordent offers a platform where MSMEs can leverage the data and technology to accelerate their payment cycle. Currently, Recordent has a portfolio of over 400 clients from across the nation including Guarented, Shipyaari, Cona Electricals, Virtusa Lifespaces, Way2Online, Furniture World, Namma Dhobi, Spectra India, Technosoft, Lotus Lap Schools, Kleenco, Spandana Spoorthi Microfinance, and TV5. Over 2,500 customer due records have been submitted on the platform with a total value of over INR 120 million.

Talking on the capital infusion, Winny Patro, Co-founder and CEO, Recordent India said, “We are glad to announce our first capital intake through Angel funding round. The funding will help us to strengthen our commitment to support MSMEs with the most challenging situation of collecting dues and payments.

Emerging businesses face real-time hurdles with delayed payments and face difficulties with collections. We work as a support system to these businesses who can utilise the same time to focus on other business avenues instead of being stuck in the payment collection cycle. Further to witnessing a tremendous growth trajectory during the lockdown, we are geared up to bring 20,000 businesses to register on the platform by March 2021”

 Equipped with the paramount data security and privacy policies, Recordent’s goal is to enable trust and accountability for businesses that offer credit/service/loan directly to their customers in a similar fashion as lending institutions have accomplished by working with credit bureaus. Recordent provides best-in-class services for the collection of dues and recovers payment along with checking the payment history of new customers. In the past few months since April 2020, the company has recorded 180% growth in business registration and 500% growth in the total value of customer dues submissions.