Mumbai, July 10, 2023 – Recur Club, a leading revenue exchange platform, has unveiled the ‘Regreen Fund,’ a pioneering sustainable finance program aimed at empowering startups that actively contribute to building a greener and more sustainable future. With an initial investment commitment of $10 million, the Regreen Fund seeks to provide funding support to environmentally conscious startups in India, fostering positive change through their innovative products and services.
In an official statement released by the company, Recur Club emphasized the Regreen Fund’s mission to back startups that strive to make a significant impact in the environmental sector. Selected companies will receive growth capital without any equity dilution, enabling them to expand their operations, accelerate product development, and broaden their market reach.
Eklavya Gupta, co-founder and CEO of Recur Club, expressed enthusiasm about the launch of the Regreen Fund, emphasizing the company’s strong commitment to sustainable development and environmental preservation. Gupta stated, “We believe in the power of startups and entrepreneurs to tackle the urgent environmental challenges we face globally. Through the Regreen Fund, we aim to provide essential financial support and valuable resources to drive meaningful change in India’s sustainability landscape.”
The introduction of the Regreen Fund aligns with the Indian government’s initiatives to promote green financing and sustainable investment practices. Notably, the government has introduced measures such as allowing ‘green deposits’ for banks and non-banking financial companies, encouraging environmentally responsible investment strategies. Furthermore, the government has demonstrated its commitment to environmental sustainability by enabling 100% annual Foreign Direct Investment (FDI) for renewable energy projects.
As part of the Startup20 summit during India’s G20 presidency, a 63-point self-regulatory framework for startups, spanning from the early stage to IPO, was recommended based on think tank recommendations released in June this year. This framework underscores the growing emphasis on good governance practices within the startup ecosystem. Founders are increasingly being evaluated on their governance quotient, in addition to their intelligence quotient (IQ) and emotional quotient (EQ).
Aman Gupta, co-founder and CMO of Boat, a prominent startup, highlighted the importance of governance quotient in today’s startup landscape. “Apart from other things, founders need IQ, EQ, and GQ. Governance quotient now will become more important than ever, and it’s good for the ecosystem that corporate governance is taken seriously from Day Zero,” Gupta tweeted. The recognition of governance quotient as a crucial factor showcases the evolving expectations for startup founders.
Deep Bajaj, angel investor and founder of FemTech startup Sirona, emphasized the significance of establishing strong structures and practices in funded startups. Bajaj emphasized, “Unlike regular young businesses, funded startups have external accountability as well as the resources to focus on great practices. It is extremely important to lay the right foundation at the start, or else it is a dangerous spiral to recover from.” Bajaj’s statement underlines the critical role of well-defined practices in ensuring long-term success for startups.
Recur Club, established in 2021 by Abhinav Sherwal and Eklavya Gupta, offers an integrated approach to assess key metrics of its customers by integrating with their accounting, billing, and subscription management systems. The platform provides startups with the tools to analyze and optimize their revenue streams effectively.
The launch of the Regreen Fund by Recur Club marks a significant step in the direction of fostering a more sustainable and environmentally conscious startup ecosystem in India. By investing in startups that prioritize environmental impact, the Regreen Fund aims to drive positive change and contribute to India’s sustainability goals. Through this initiative, Recur Club demonstrates its dedication to supporting startups that have the potential to shape a greener future for all.
Recur Club is a revenue exchange platform that provides startups with comprehensive solutions for managing their recurring revenue models. Founded in 2021, Recur Club offers a range of services that integrate seamlessly with accounting, billing, and subscription management systems, enabling startups to optimize their revenue streams effectively. With the launch of the Regreen Fund, Recur Club strengthens its commitment to supporting environmentally conscious startups and fostering sustainable development in India.
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