# Upwards Fintech Services Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/upwards-fintech-services-private

- Industry: Financial Services
- Headquarters: Mumbai, India
- Website: www.go-upwards.com
- Total disclosed funding: $4.5M
- Latest round: Series A (Aug 3, 2018)
- Investors on record: 3

## About

Upwards Fintech Services operates as a technology-driven financial services provider, focusing on enhancing operational efficiency for various sectors through innovative fintech solutions.Founded in 2017 in Mumbai, India, Upwards Fintech Services Private Limited specializes in delivering tailored financial technology solutions. The company has undergone significant growth and secured notable funding, with its latest deal being an Add-on Trade Sale on February 8, 2023. The firm raised a total of INR 277.35 mn, led by Lendingkart Finance Limited, which acquired Upwards for INR 1 billion from previous investors India Quotient, Mayfield Fund, and Shunwei Capital Partners. CEO Abhishek Soni, a co-founder along with Nimesh Verma, has previously founded other ventures, contributing to the strategic direction of the company.Upwards Fintech Services offers a comprehensive software platform designed to enhance operational efficiency across diverse industries, particularly in logistics, healthcare, and finance. Their solutions enable streamlined workflows and improved data analytics, catering to small and medium-sized enterprises as well as larger corporations. The platform provides crucial insights for professionals and organizations aiming to optimize their processes and adapt to industry demands.For the fiscal year 2024, Upwards Fintech Services reported revenue of INR 588,648.70, alongside an EBITDA of INR -1,294,775.90. The company's revenue model is based on subscriptions, allowing clients access to software services on a recurring basis, creating a predictable cash flow and fostering long-term client relationships.Following the recent acquisition by Lendingkart Finance Limited, Upwards Fintech Services aims to broaden its product offerings and strengthen its personal loan services. The company plans to introduce new features targeted at enhancing customer experience in 2024. Additionally, it seeks to expand its operations into new markets in Southeast Asia by the end of 2024. The funds acquired from the recent Trade Sale will be strategically deployed to support these initiatives, further solidifying Upwards' presence in the fintech landscape.

## Funding rounds

- Series A, Aug 3, 2018, $4M — Mayfield Fund, Shunwei Capital, India Quotient
- Seed, Nov 7, 2017, $0.5M — Mayfield Fund, India Quotient

## Investors

- Mayfield Fund (https://capitalatlas.ai/funds/mayfield-fund) — Seed, Series A
- India Quotient (https://capitalatlas.ai/funds/india-quotient) — Seed, Series A
- Shunwei Capital (https://capitalatlas.ai/funds/shunwei-capital) — Series A