Recko is an enterprise fintech start-up, it has raised $6 million in a Series A round and was led by Vertex Ventures SEA and India. Its previous investor Prime Venture Partners also participated in the round. The new funds are being raised for the development of the products, hiring and expanding presence outside India.
Thid start-up was founded in 2017 by Saurya Prakash Sinha and Prashant Borde. This company made a Software as a Service-based financial reconciliation product to track entire transaction and commercial contracts for businesses. It counts the likes of Meesho, Grofers, and Dunzo with its customers.
“If you look at us as a company, there is a massive volume of transactional data which comes in and we have to store this information and make it available to all our clients at any point of time; that takes a lot of engineering bandwidth so that is the first place a lot of this investment is going to go,” Sinha told in an interview.
Sinha told, “When we started, we did as an additional reconciliation platform; for example, if you go to Dunzo, a lot of people would be making transactions and after two-three days, they would be receiving a lump sum credited to their bank account.”
He further added- “That is the place where we come in and ensure that they have received the right money at the right time with the right set of charges. Then our clients started telling us that we have a lot of different channels, so then we started adding different flows such as cash on delivery, aggregators et cetera, so that’s where we stand right now.”
Till, now the company did the transactions worth $5 billion and further the plan of the company is to reconcile $10 billion worth of just digital transactions before the end of 2020.
The company has also began to work with non-banking financial companies, banks, and those in the insurance space, and currently is also running pilots with them.
“Recko is solving a very complex problem for the finance teams who are dealing with complexity and a good amount of transactional volumes on a daily basis. This is an area that hasn’t seen much innovation in the Indian technology ecosystem, despite the massive addressable market,” said Sanjay Swamy, managing partner at Prime Venture Partners.
