A Fintech platform called Setu has been floated by Indiastack members Sahil kini and Nikhil Kumar and for this a seed fund has been raised of $3.5 million led by lightspeed with participation of Bharata Innovation fund.
Entrackr about two months ago had reached out to Kini and Kumar in order to obtain details of their latest gig, though they had refused to comment on this.
It was since August 2018 that Kini and Kumar has been working for Setu and this information of their LinkedIn profile.
According to RoC filing with MCA, the company will be based out of Bengaluru and is owned and operated by Brokentusk Technologies Pvt ltd.
The company will have its base in Bengaluru, according to RoC filing with MCA. This is known to be owned and operated by Brokentusk Technologies Pvt Ltd.
Further shares around 399 and 2,399 series A CCPS@ Rs 87,712.5 has been issued by the company to Bharat Inclusive Technologies Seed Holding at the same price.
However, Bharat Inclusive put in the rest capital, Lightspeed invested around Rs. 21.04 crore. In fact, 1 equity share to both the investors has been issued by Brokentusk Technologies.
For the uninitiated, low-cost, modular API infrastructure has been built by the Setu and this infrastructure are around four categories-savings, bills, payments and credit. The Setu’s sandbox can be accessed by any developer to build an application and have a rigorous developer certification programme in order to go live.
Time and costs will be easily saved through this while lending the opportunity to join hands with one financial institution and test their product. The company has already started work with SBI Mutual Fund and Kotak to offer this service.
Setu reportedly had recently introduced a new product called Collect. Merchants of every size, through this flagship product will be allowed to collect recurring payments from consumers such as mutual fund SIPs, EMIs for loans, insurance premiums or housing society maintenance charges.
Even Kumar has revealed that community events will be organised by Setu such as Hackathons for attracting developers and this will help in connecting with major players through strategic partnerships.
It has been more than 3 years now that Kini and Kumar, the serial entrepreneurs are members of Indiastack. This is a bouquet of proprietary software application which is privately-owned, and this is powering Digital India initiative and most Aadhaar Applications.
Prior to this Kumar has been the co-founder of Voyce- a system for customer feedback for SMBs which was later acquired by Exotel whereas Kini had founded a different company named Magnet Works which used to build both software and hardware for the Industrial Internet.