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NeoGrowth raises $11-M debt funding from Symbiotics Group

INC42  

Mumbai-based non-banking financial company (NBFC) NeoGrowth has raised USD 11.2 Million (INR 93.7 Cr) in debt from impact investment firm Symbiotics Group. The company is to allot 9,376 non-convertible debentures to Symbiotics Group’s two special purpose vehicles – AAV Sarl and Masala Investments Sarl. It has to repay the debt with an interest of 12.15% per annum within a tenor of 60 months (5 years).Founded in 2013 by Dhruv Khaitan and Piyush Khaitan, NeoGrowth offers tailored credit solutions to small and medium-sized businesses across 70+ segments. The lending tech platform’s offerings range from vendor financing to retail-focused loans.

Between May 2013 and Dec 2022, NeoGrowth had raised over USD 157 M from FMO, Accion International, LeapFrog, Lightrock India, WestBridge, Khosla Ventures, Omidyar Network, IIFL AMC, and Quona Capital.