Xpedize Cofounder Regan Mithani Passes Away At 45

Regan Mithani, cofounder of Clear-acquired SaaS startup Xpedize, passed away on March 29, while he was on a family vacation in Singapore. Inc42 couldn’t ascertain the cause of death as of now.

“Regan had transitioned from his tenure at Clear to establish a venture uniquely situated at the intersection of his passion for cricket and his business acumen. He was regarded as an exceptional individual and a steadfast friend to the Clear community. His untimely passing is profoundly saddening; may his soul rest in peace,” Clear said in a statement. 

Mithani founded Gurugram-based supply chain financing tech startup Xpedize in 2017, along with Deepak Gugnani. Xpedize operated a supply chain finance platform focused on invoice discounting and working capital management. It enabled Small and Medium Enterprises (SMEs) and their suppliers to engage in dynamic discounting.

Xpedize counted the likes of YourNest Venture Capital, HDFC Capital Advisors Limited and Lumis Partners as its investors. 

Clear acquired Xpedize in 2022 to expand into business-to-business (B2B) payments. Following the acquisition, Mithani and Gugnani joined Clear as vice presidents. Meanwhile, Xpedize was rebranded as ‘Clear Invoice Discounting’ and offered working capital and liquidity to suppliers. 

Prior to founding Xpedize, Mithani held various leadership positions at Citibank India. 

Mohit Hira, partner at YourNest Partner Capital, also gathered his thoughts and expressed grief in a post on LinkedIn. 

“A flurry of memories came rushing in, and though I cannot say that I spent a great deal of time with him (Mithani) and Deepak Gugnani when they founded and ran Xpedize, I did meet him again a few months back. We discussed sports (his perennial passion) and the science of brand building. We were to meet, but as is regretfully the case often, that day didn’t come,” Hira said. 

This is the second such unfortunate hit to the Indian startup ecosystem this year. Earlier in January, SaaS unicorn Icertis’ cofounder Samir Bodas passed away at the age of 61 after a prolonged battle with cancer. 

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