Mumbai-based fintech platform NeoGrowth has raised $10 million ( Rs 81 crore) in a Series A funding round led by the global investment firm MicroVest Capital Management.
The company is planning to extend its funding to small businesses across the country.
Prior to this investment, the company bagged Rs 160 crore in a Series D round led by the Dutch Entrepreneurial Bank, FMO. Existing investors also participated in the funding round. It also raised $20 billion in funding from the US International Development. Since its inception, it has raised more than Rs 300 crore.
According to a company statement, it has provided services to more than 1,50,000 customers and has disbursed over $ 1 billion in loans across 25 locations in India.
Talking about the latest development, CEO Arun Nayar said, "This support from MicroVest will allow us to continue making a positive impact on SMEs. The funding will be used to help accelerate the growth of MSMEs and integrate them into the mainstream financing ecosystem.”
Joshua Moraczewski, the CEO of MicroVest, said, “NeoGrowth's digitally-enabled lending model will allow the company to reach more small businesses across India with greater efficiency."
“This expanded reach will help promote financial inclusion and economic growth for more underserved micro-entrepreneurs and SMEs. Through this loan, we are leveraging both of our organisations' synergies to achieve meaningful scale and contribute to the Sustainable Development Goals," he added.