Delhi-based Recur Club has joined hands with IVY Growth Associates to allocate up to $10 million in non-dilutive growth capital to the latter’s portfolio companies. Prioritising the Indian Government’s ‘Vocal for Local’ and ‘Make In India’ initiatives and vision, both companies aim to invest in nearly 500 start-ups by the end of 2027 through this collaboration. 

Prior to this, IVY Growth collaborated with the Atal Innovation Centres and Incubation Centres to scout potential start-ups. 

“The current uncertain global macroeconomic situation has resulted in rising interest rates and a liquidity squeeze which has resulted in capital from risky instruments like VC equity drying or investors pushing companies for down rounds. This has further accentuated interest in non-dilutive financing solutions like Recur Club,” said Eklavya Gupta, founder and co-chief executive officer (CEO) at Recur Club.

Founded by Sharad Todi, Shubhangi Toshniwal, Anuj Toshniwal and Rachit Poddar, IVY Growth Associates claims to have invested in more than 100 start-ups. Some of their marquee start-ups include BluSmart Mobility, Valuationary, Charge Zone, Revamp Moto and Hair Originals. 

Last month, Recur Club bagged $30 million in a seed funding round led by Info Edge Ventures and Jeff Bezos-backed Village Global. It announced plans to utilise the prospects in expanding the business in India and outside.