PE Fund Investments
MSME-focussed digital lender NeoGrowth raises Rs.300-Cr from FMO, others
NeoGrowth, a Mumbai-based digital lender focused on Micro, Small and Medium Enterprises (MSMEs), has raised INR 300 crore in fresh funding led by a INR 160 crore investment from FMO, the Dutch development financial institution, and participation from other existing investors. NeoGrowth offers credit to MSMEs. The company would use the fresh capital to expand into new markets, strengthen its presence in existing ones, and accelerate innovation in its digitally-enabled products. NeoGrowth currently has INR 1,600 crore of assets under management (AUM). The company claims to have connected with over 1,50,000 MSMEs since its inception and disbursed USD 1 Billion in loans.
From the Venture Intelligence PE-VC Deal Database: Between May-13 and Nov-22, NeoGrowth had raised over USD 80 M from Omidyar Network, Lightrock, Khosla Impact, Quona Capital, IIFL VC, WestBridge, and Leapfrog Investments. FMO and DFC have also lent to the company. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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