Seeds Fincap Raises $8.5 Million from Lok Capital, Matrix Partners India
- ByStartupStory | July 18, 2024
Non-bank lender Seeds Fincap announced on Wednesday that it has successfully raised USD 8.5 million (approximately Rs 70 crore) in a funding round led by Lok Capital and Matrix Partners India.
Established in 2021, Seeds Fincap focuses on lending to small businesses. The company plans to utilize the newly raised funds to expand its lending capabilities, enhance its technological infrastructure, and broaden its branch footprint.
According to an official statement, Seeds Fincap currently operates 90 branches across eight states, including Uttar Pradesh, Bihar, Rajasthan, and Haryana. To date, the lender has disbursed over Rs 600 crore in loans, serving more than 50,000 customers, and has grown its loan book to over Rs 330 crore.
Rajat Bansal, Director of Seeds Fincap, highlighted the importance of their clients in India’s economic growth. “Our clients range from traders, small kirana shops, owners of micro-manufacturing units, and allied service providers, all of whom play a vital role in India’s growth story,” he said.
With this fresh infusion of capital, Seeds Fincap is poised to further its mission of supporting small businesses and fostering economic development across the regions it serves.
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