Mithi Software has signed up to raise $500000 (Rs 4.14 crore) non-dilutive capital through Recur Club. As a bootstrapped start-up, it will use the newly acquired funds to optimise cash flows, enhance product offerings, and drive marketing initiatives to further expand its business.
The Pune-based data assurance software provider has utilised the flexibility of the Recur Club platform to raise capital thrice in the last 11 months. It claimed that Recur Club financing has helped it optimise expenses and understand the effectiveness of marketing spending to achieve a higher ROI.
Tarun Malavia, founder and CEO of Mithi Software, said, "Financial costs of raising capital through Recur Club were offset by the savings that we made through paying our expenses upfront with Recur Club Financing."
Mithi's plans include bringing out new product improvements for their target market. Recur Club financing is their first choice for quick capital as the company grows, while it also has a venture capital fund raise on the cards in the future.
Eklavya Gupta, the co-founder of Recur Club, said, "We are delighted to support Mithi's growth journey in its innovative approach to providing data assurance and protection for its customers. We believe its vision and leadership will continue to drive the company's success. We are committed to supporting Mithi's growth ambitions and look forward to being a long-term partner in their journey."
Recur Club is a revenue exchange enabling organisations to trade their future revenue streams for upfront growth capital. Companies can raise up to 50 per cent of their annualised run rate within 48 hours without equity dilution or obligation of restrictive debt. Institutional capital providers like NBFCs, banks, and debt funds bid for their cash flow streams.