Digital Lender NeoGrowth raises $10 Mn led by MicroVest Capital Management
NeoGrowth, an MSME-focused digital lender, has raised $10 million in a new round led by MicroVest Capital Management, a global investment firm based in the United States.
According to a press release, the investment will help Mumbai-based firm NeoGrowth extend financing to small businesses across India while also providing the company with needed growth capital.
NeoGrowth claims to have served over 150,000 customers and to have disbursed more than $1 billion in loans. The company’s digital payments-based lending, modular product suite, analytics-based underwriting, and flexible repayment options are critical in enabling SMEs to obtain credit.
The firm is also backed by Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund, WestBridge, FMO, and Leapfrog Investments.
NeoGrowth, founded a decade ago by Dhruv and Piyush Khaitan, is a new-age lender with a focus on micro, small, and medium enterprises (MSMEs). It provides a diverse range of products that are tailored to the changing needs of small businesses. According to the company, its MSMEs-focused loan products are available in more than 70 countries.
Follow Startup Story
Related Posts
