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Exclusive: NeoGrowth raises debt from UTI International

EntrackrEntrackr · 10m ago
Exclusive: NeoGrowth raises debt from UTI International
Medial

MSME-focused digital lender NeoGrowth has raised debt funding from UTI International Wealth Creator. This will be the second debt infusion in the Mumbai-based company in the ongoing calendar year. NeoGrowth's board has approved the issuance and allotment of up to 4,200 non-convertible debentures (NCDs) to raise up to Rs 42 crore (approx $5 million), its regulatory filings sourced from the RoC shows. These NCDs will carry an interest rate of 11.7% per annum. UTI International Wealth Creator 4 is a debt fund managed by Mumbai-based UTI Asset Management Company. The debt infusion in the company has come at a time when NeoGrowth is eyeing to raise Rs 500 crore growth capital through private equity investment. The firm managed assets worth Rs 2,750 crore by the end of the last fiscal year, and aims to close FY25 with Rs 4,000 crore AUM. NeoGrowth, an NBFC co-founded by Dhruv Khaitan and Piyush Khaitan, offers short-term unsecured loans to MSMEs, providing amounts of up to Rs 75 lakh with a tenure of up to 100 months. To date, the company has raised approximately $138 million through a mix of equity and debt funding from investors including MicroVest, FMO, Omidyar Network, DFC, and others. Neogrowth registered 57% growth in its gross revenue which spiked to Rs 601 crore in the fiscal year ending March 2024 from Rs 381 crore in FY23. Meanwhile, its profit before tax surged almost 4X to Rs 95 crore in the last fiscal year from Rs 24 crore in FY23.

Store My Goods raises Rs 4 Cr led by JIIF

EntrackrEntrackr · 5m ago
Store My Goods raises Rs 4 Cr led by JIIF
Medial

Store My Goods raises Rs 4 Cr led by JIIF Storage solutions startup Store My Goods has raised Rs 4 crore (approximately $460K) in a growth funding round led by JITO Incubation and Innovation Foundation (JIIF) and family offices. The latest infusion is part of the company’s ongoing efforts to close a $1 million round, with participation from prominent family offices. The proceeds will be used for expansion across new geographies, enhancing technology infrastructure, and strengthening its leadership team, Store My Goods said in a press release. Co-founded in December 2021 by Sudeep Gupta and Swati Gupta, Store My Goods offers on-demand, tech-enabled storage and warehousing services to both individuals and businesses. It aims to address a rapidly emerging need in urban India with a tech-driven and scalable approach. The Noida-based startup provides customized storage plans, packaging services, insurance coverage, and secure storage facilities. It caters to both B2B and B2C clients, offering a range of services including self-packaging and self-drop options. Store My Goods aspires to solve multiple storage challenges across both consumer and business segments. On the consumer side, it caters to people dealing with space constraints—offering storage during home renovations, relocations, or as an extension of their homes for seasonal items and personal belongings. For businesses, it serves as a scalable warehousing alternative—helping startups and SMEs manage inventory, promotional material, or archived documents without long-term lease liabilities. The company claims that it currently operates in five major Indian metros—Delhi NCR, Mumbai, Bangalore, Hyderabad, and Pune—and has sold over 50,000 months of storage subscriptions to more than 5,000 customers. It was also featured on Shark Tank India Season 1.

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