Mumbai-based fintech startup axiTrust Surety is raising INR 22 Cr in a seed round led by US-based VC firm General Catalysts

A mail sent to axiTrust Surety’s cofounders Aditya Tulsian and Mukund Daga didn’t elicit any response at the time of publishing this story

Founded in 2024 by Aditya Tulsian, Mukund Daga, and Rajeev Chari, axiTrust Surety offers micro surety bonds to micro and medium, small enterprises (MSMEs) .

Mumbai-based fintech startup axiTrust Surety is raising INR 22 Cr in a seed round led by US-based VC firm General Catalysts. As per the startup’s regulatory filings, the startup’s seed funding round will see participation from Veltis Capital, Good Capital, AngelList, among others.

A mail sent to axiTrust Surety’s cofounders Aditya Tulsian and Mukund Daga didn’t elicit any response at the time of publishing this story.

Founded in 2024 by Tulsian (cofounded numberz), Daga (former head of credit solutions at AON India), and Rajeev Chari (cofounder numberz), axiTrust Surety offers micro surety bonds to micro and medium, small enterprises (MSMEs) .

Tulsian on his LinkedIn states that axiTrust helps businesses transact freely with other businesses by offering collateral-free alternatives to trust products like Bank Guarantees.

Tulsian had earlier founded numberz, a receivable management platform that was later acquired by Chargebee.

Daga on his LinkedIn profile said that axiTrust will introduce innovative products, empowering businesses from MSMEs to large corporations to transact “with confidence and certainty”.

As per LinkedIn, axiTrust has around eight members, but with help of fresh funding, the startup is likely to increase its headcount, and utilise it to build apps and spend on marketing to get more users.

As per its website, the startup claims to offer a swift solution with respect to securing working solution, unlike traditional bank guarantee. The startup states that its platform will integrate with a MSMEs’ system and will provide real-time insights while automating complex processes. Besides, the startup will also offer consulting services to MSMEs and help businesses to learn more about surety bonds.

General Catalyst, which had earlier acquired Indian VC firm Venture Highway in 2024 to establish its strong foothold in the country, has been known to invest in fintech unicorns such as CRED and Uni Cards. The early stage VC firm late last year  successfully raised $8 Bn fresh capital, including $4.5 Bn for its core VC funds focused on seed and growth equity investments.

As per Inc42’s Fintech report, the fintech sector has the potential to grow at 18% CAGR and reach a market opportunity of $2.1 Tn by 2030.