Entrepreneurial Slogan: Delivering financial technology solutions for businesses with a digital-first approach.

Velocity, founded by three engineers from IIT Bombay, is addressing the funding challenges faced by digital-first businesses in India. Launched in 2020, Velocity provides collateral-free loans to such ventures, recognizing the difficulty they face in obtaining loans from traditional sources like banks. Abhiroop Medhekar, the founder-CEO, who has a background as a venture capitalist and management consultant, identified the opportunity to support a large pool of new-age entrepreneurs hungry for growth but constrained by capital. The co-founders leverage technology to assess the creditworthiness of businesses that typically lack physical assets, utilizing data available digitally. Velocity offers three financing options – revenue-based financing, fixed EMI, and overdraft – catering to the fluctuating revenue patterns of digital businesses. This initiative aims to tap into the untapped opportunity of providing accessible and diverse financial solutions to digitally native ventures in India.

Abhiroop emphasized that lending to digital-first companies is an untapped market, given their capital-efficient operations but limited access to funds. By identifying these ventures, Velocity secures capital and facilitates business growth. Atul, responsible for operations, highlighted the trio's decision to focus on online, e-commerce, and digital businesses due to their familiarity. Recognizing the absence of revenue-based financing in India at the time of launch, they introduced it as one of their offerings. Leveraging the abundance of digital data available, Velocity employs technology to assess a business's creditworthiness, offering a fast and secure funding solution. The company's three financing products cater to the unique revenue fluctuations of new-age businesses, addressing a significant gap in the financial support available to them.