VC Fund Investments
Lender to SMEs GrowCXD raises Rs.50-Cr from Lok Capital, UC Impower
Impact investors Lok Capital and UC Impower have together put in INR 50 crore equity in Chennai-headquartered non-bank lender GrowXCD Finance , which provides loans to small businesses in Tamil Nadu, Karnataka and Andhra Pradesh.Lok Capital invested INR 20 crore in the tech-enabled non-banking finance company (NBFC), raising its total investment to INR 70 crore. UC Impower, incubated by Unitus Capital, invested INR 30 crore.The fresh capital will be used to expand the firm’s portfolio and expand into the untapped markets in southern India. The company has customers in tier II and III cities.Starting business in June 2023, the company has built a portfolio of INR 130 crore. Its net worth has grown to INR 110 crore after the fresh capital infusion.
In Nov 23, GrowXCD had raised about USD 6 M from Lok Capital and others.
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