VC Fund Investments
Lok Capital leads $6-M round for GrowXCD Finance
Chennai-based fintech startup GrowXCD Finance has raised INR 50 crore (USD 6 million) in a Series A round led by Lok Capital. The proceeds will be used to set up its initial team, develop technologies and expand its footprint over the next 12-18 months. Founded in 2022 by Arjun Muralidharan, GrowXCD focuses on micro, small and medium enterprises (MSMEs) while addressing the credit gap for such businesses particularly outside of urban areas. It received the non-banking financial company licence from the Reserve Bank of India in April and claims to operate 10 branches across Tamil Nadu. The firm aims to improve access to finance for people in tier-2 and tier-3 locations.
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