UditPrayaan Capital Private Limited, a South India based NBFC that lends to micro, small, and medium-sized enterprises in India, has now revealed the closure of a $1.2 million seed investment round led by the Accion Venture Lab, and others.
Accion President and CEO Michael Schlein said,
“With credit needs that are too small for traditional financial institutions and too large for microfinance lenders, many of India’s entrepreneurs remain unable to access the credit they need to sustain and grow their businesses. Accion Venture Lab exists to help inclusive fintech startups like Prayaan Capital leverage technology to meet this need.”
Prayaan will use the new influx of capital to invest in technology and to expand its operations.
Madhan Mohan, MD, and CEO of Prayaan Capital Private Limited said,
“We have a vision to make a difference for Indian MSMEs by providing a holistic financial journey that addresses all of their business needs and brings them into the formal financial ecosystem.”