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Arthan Finance raises Rs 50 Cr in Series B round

EntrackrEntrackr · 1y ago
Arthan Finance raises Rs 50 Cr in Series B round
Medial

Non-banking financial company (NBFC) Arthan Finance has raised Rs 50 crore ($6 million) from investors such as Incofin India Progress Fund and the Michael and Susan Dell Foundation. Till date, Arthan Finance has raised Rs 83 crore ($10 million). Previous funding rounds saw participation from the founders, angel investors, and the Michael & Susan Dell Foundation. The proceeds will be used to boost the firm’s expansion and technological progress. This will also help Arthan Finance grow its Assets Under Management (AUM), expand its geographic footprint, and invest in advanced AI and ML-based underwriting systems, the company said in a press release. Founded by Kunal Mehta, Arthan Finance is a new age lending tech NBFC specializing in loans for self-employed nano and micro entrepreneurs. The firm currently operates in Maharashtra, Odisha, Andhra Pradesh, and Telangana, providing growth capital to self-employed nano and micro enterprises in tier II, III, and IV cities. The company claims to have disbursed over Rs 500 crore to more than 20,000 borrowers, with loan amounts ranging from Rs 2,000 to Rs 20 lakhs.

Saarathi Finance secures Rs 475 Cr equity capital

EntrackrEntrackr · 1m ago
Saarathi Finance secures Rs 475 Cr equity capital
Medial

Saarathi Finance secures Rs 475 Cr equity capital Non-Banking Financial Company (NBFC) Saarathi Finance has closed its inaugural funding round of Rs 475 crore, co-led by TVS Capital Funds, Lok Capital, Evolvence Equity Partners, Paragon Partners, and other angels collectively contributing about Rs 350 crore. Vivek Bansal and Sunil Daga also infused the remaining amount. The Series A investment values Saarathi Finance at over Rs 900 crore. The capital infusion will support its aim to bridge the significant credit gap faced by MSMEs, particularly in underserved semi-urban and rural regions across Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Rajasthan, and Uttar Pradesh. Saarathi Finance's approach combines technology-driven solutions with personalized customer engagement, offering both secured and unsecured loans tailored to the unique needs of MSMEs. The company's emphasis on flexible income assessment and rapid loan processing aims to make credit more accessible to entrepreneurs traditionally overlooked by formal financial institutions. “We are committed to empowering Bharat’s entrepreneurs by providing more than just credit – a partnership that values and supports their growth. This funding milestone enables us to accelerate our mission, ensuring every stakeholder, from entrepreneurs to investors, is valued and cared for in our journey. With heartfelt gratitude to our stakeholders, friends, and family, we embark on this exciting journey,” said Vivek Bansal, founder & CEO of Saarathi Finance.

Exclusive: Futwork kicks off Series A led by Michael & Susan Dell Foundation

EntrackrEntrackr · 9m ago
Exclusive: Futwork kicks off Series A led by Michael & Susan Dell Foundation
Medial

Sales outreach platform Futwork has raised Rs 20.9 crore approximately $2.5 million in its Series A round led by the Michael & Susan Dell Foundation with participation of Artha Ventures, Simile Capital, and others. The board at Futwork has passed a special resolution to issue 50 equity and 8820 preference shares at an issue price of Rs 23650 each to raise Rs 20.9 crore or $2.5 million, its regulatory filing accessed from RoC shows. Michael & Susan Dell Foundation led the round with Rs 14.17 crore while Artha Ventures, Simile Capital, SCI Bureaux, We Founder Circle, and angel investor Abhishek Goyal cumulatively invested the rest of the amount. According to the filings, the company will use the fresh funding to meet its growth objectives, and the working capital and to strengthen its financial position. Following the fresh proceeds, the Michael & Susan Dell Foundation will hold 19.92% of the company while Simile Capital and Artha Ventures command 10.08% and 5.64% of the company. The company has secured $1 million in its seed round led by Blume Ventures in 2022. As per the data intelligence platform TheKredible, the company has been valued at around Rs 71 crore or $8.5 million post-allotment. Founded in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork helps businesses build and expand their outbound calling teams with zero fixed costs. It supports a variety of tele-calling applications, such as product demos, session bookings, and customer feedback collection. In the fiscal year ending March 2023, the company reported a 12% drop in revenue, amounting to Rs 3.79 crore for FY23, with a loss of Rs 3.78 crore during the same period. According to the sources, its previous year’s loss was Rs 2 crore.

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