Private Equity

VC Fund Investments

Lender to SMEs Finodaya Capital bags $2.5 M from White Venture, others

Economic Times   Finodaya Capital  

Indore-based non-banking financial company (NBFC) Finodaya Capital has raised USD 2.5 million in seed funding led by venture capital fund White Venture Capital, at a post money valuation of INR 50 crore. The round also saw participation from early-stage investor Gemba Capital and several angel investors.Finodaya, which received its NBFC licence from the Reserve Bank of India on April 11, plans to offer micro loans against property to small businesses and micro enterprises across India and establish physical branches.The company was founded by former ICICI Bank executives Lokendra Tomar, Abhitabh Dixit, and Neeraj Biyani, and operates on a hybrid model combining digital infrastructure with an on-ground presence to underwrite and disburse secured loans to micro and nano enterprises.