your password has been reset successfully, Please login again.

Recko Receives INR 6.93 Crore Funding from Prime Ventures 

The software company states that in the initial 12-month period, it has managed to reconcile transactions up to $2 billion and it is anticipating to increase this number by ten times in the offing. 
BY BEx Bureau
BusinessEx
Jun 26, 2019

The investment firm, Prime Venture Partners has sowed INR 6.93 crore in fintech firm, Recko Software, which facilitates companies in reconciling digital transactions, according to a media report.

The company has come out of the stealth mode and that it has built a software-as-a-service-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organisations, Recko said in its statement, as reported by daily news, VC Circle.

The software company states that in the initial 12-month period, it has managed to reconcile transactions up to $2 billion and it is anticipating to increase this number by ten times in the offing. Some of the companies earlier customers were Meesho and Grofer.

The fintech company was originally founded in 2017 by Prashant Borde and Saurya Prakash Sinha. Furthermore, the company has begun working with numerous banks, insurance companies and non-bank lenders.

We see the current settlements and reconciliation process as a massive inefficiency in the payment lifecycle across industries such as banking, lending, insurance, telecom and e-commerce, said Sinha, CEO of Recko, told the daily news, VC Circle.

Reconciliation can only be solved by a neutral third-party and has traditionally been handled via a brute force approach of spreadsheets and a battery of analysts. Reckos tech/AI driven approach has been very well accepted in the industry, Sanjay Swamy, MD of Prime Venture told above-cited media.

Please add your Comment
SIMILAR News
April 22, 2020
In unfavourable conditions, Indian companies are taking panicked decisions and opting for bridge rou ...More
By Jaspreet Kaur
April 07, 2020
In the previous week, Lido garnered $3 million in Series B round, pegging at $10.5 million ...More
By Jaspreet Kaur
April 04, 2020
Aavishkaar has wholly exited from Sara Plast, which is a portable sanitation services company ...More
By Jaspreet Kaur
March 26, 2020
Blue Planet essentially processes plastic waste, as well as organic waste, and renders waste collect ...More
By Jaspreet Kaur
March 13, 2020
Caisse de dépôt et placement du Québec has held additional stakes in Azure Power Global Ltd and henc ...More
By Jaspreet Kaur
March 12, 2020
cKers Finance will employ the funds to expand the commercial solar energy and distributed solar segm ...More
By Jaspreet Kaur
March 10, 2020
The startup essentially concentrates on hosting online events; its funding round was led by Accel In ...More
By Jaspreet Kaur
March 07, 2020
Singularity Automation is concentrated on firms working in the shared accommodation industry to hand ...More
By Jaspreet Kaur
March 04, 2020
The New Delhi-based coffee brand will employ the funds to enhance its business operations, reinforce ...More
By Jaspreet Kaur
February 29, 2020
After the acquisition,Tenax India shall become a subsidiary of Pidilite and Tenax Italy, accordingly ...More
By Jaspreet Kaur
February 28, 2020
MinionLabs essentially gives real-time understanding of energy consumption in electric appliances ...More
By Jaspreet Kaur
February 28, 2020
ONGC and HPCL are acquiring a new share for INR 371 crore, which they did not own previously ...More
By Jaspreet Kaur