SME lender NeoGrowth raises $20-M from DFC

Non-banking lender NeoGrowth, which focuses on micro, small and medium enterprises (MSMEs), has secured funding of USD 20 million from the United States International Development Finance Corporation (DFC) via the External Commercial Borrowing (ECB) route. The funding is for five years with a two-year moratorium on principal payment and will be utilised for onward lending to SME customers. The NBFC is backed by investors such as Omidyar Network, Lightrock, Khosla Impact, Quona Capital, IIFL Seed Ventures Fund, WestBridge, and Leapfrog Investments .