[Funding Alert] BaaS Startup Buildd bags $2Mn Pre-Seed Funding led by Picus and Mankekar Family Office

Fintech

Banking-as-a-service (BaaS) startup Buildd bags $2 million in Pre-seed funding round led by Germany-headquartered venture capital Picus Capital and the Mankekar Family Office.

The startup is backed by operator founders, including Ranjeet Singh (Co-founder, Pratilipi ), Kunal Sharma (ex- Freecharge ), Nitin Agarwal (Founder, B21), Aniruddha Patwardhan (Engineering Head, PhonePe), and Kedar Swadi (Data Science Head, Phonepe).

Buildd was founded in 2020 by former banker and entrepreneur Sachin Gaikwad. It offers an embedded finance infrastructure stack to banks and technology platforms, particularly fintech, direct-to-consumer (D2C) e-commerce platforms, Software-as-a-Service (SaaS) companies, and corporates to help them launch financial products and services.

Buildd.in is the banker-turned-entrepreneur, Sachin’s second venture. He kickstarted his journey with HSBC Bank and was the Vice President of Corporate Banking for almost 12 years before starting his venture Financial Quotient, a trade finance platform, in 2012. Sachin got connected with Patanjali Somayaji and Amit Bhor, who were building the personal finance management app Walnut at the time, following its acquisition by a financial institution in 2013.

Sachin immediately connected with the startup’s potential and joined the team as the chief strategy and business development officer. In 2018, Walnut got acquired by Capital Float NBFC, and the teams merged.

Sachin had been evaluating a major communication gap in the fintech market, all along, which led to his next venture; Buildd.
Sachin brought together his colleagues and friends from former organizations, including former Vice President – Product Management at Walnut, Vivek Kutal, who now serves as the startup’s Chief Technology Officer, and bankers Rajesh P, Arvind Khetan, Pratik Nigam.

Sachin said, “We have a strong team of core techies who have been on the fintech side of the world, and seasoned bankers who understand the ask of the financial institutions and challenges. This gives us unique leverage among other players as we are in complete sync with both sides of the world and play the perfect intermediary.”

Typically, banks face challenges in conceptualizing financial products that are of high frequency and based on alternate data like those being built by new-age tech platforms and hence need an intermediary layer to bring them both together.

“We [Buildd] sit with both the partners [banks and fintechs] and help them curate products that make commercial sense besides being scalable,” he adds. What works to Buildd’s advantage, as per the founder, is its team of both bankers and tech experts.

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