24 January 2018, India:
Mumbai-based Digital Lending Platform NeoGrowth Credit Pvt. Ltd has raised $47 million (₹300 crore) in Equity Funding from investors led by LeapFrog Investments.
Existing investors Aspada Investment Company and Quona Capital also participated in the fundraising through Accion Frontier Fund. As part of the investment, LeapFrog partner Michael Fernandes will join NeoGrowth’s board.
Michael Fernandes said, “India is at an inflexion point of moving towards a less cash economy and massive digitisation of transaction level data. By providing loans to underserved merchants based on financial profiles created through real-time transaction data, NeoGrowth unlocks credit that is tailored to their business, which in turn inspires growth and job creation.”
Avendus Capital was the advisor to NeoGrowth Credit for the deal.
NeoGrowth was founded by Dhruv Khaitan and Piyush Khaitan in 2010. It is a Non-Banking Financial Company (NBFC). It provides short term business loans to Indian merchants for their business needs.
The company claims to have partnered with 7000 business merchants. The company has its presence in Delhi, Bangalore, Mumbai, Hyderabad, Pune, Chandigarh, Chennai, Coimbatore, Kolkata, Jaipur, Ahmedabad, Surat, Lucknow, Vijayawada, Ludhiana, Mysore, Madurai, Nagpur, Indore, Vadodara and Vizag. The company is planning to expand to other markets in India.
(Image – Github)