🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Exclusive: NeoGrowth raises debt from UTI International

EntrackrEntrackr · 1y 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.

Symbiotics leads $18 Mn debt round in Dugar Finance

EntrackrEntrackr · 20d ago
Symbiotics leads $18 Mn debt round in Dugar Finance
Medial

Symbiotics leads $18 Mn debt round in Dugar Finance Dugar Finance, an impact-led secured MSME lender, has raised $18 million (about Rs 160 crore) in a debt funding round led by Swiss-based investor Symbiotics, with participation from leading Indian banks including Union Bank of India, Karur Vysya Bank, Indian Overseas Bank, Tamilnad Mercantile Bank, and STCI Finance among others. Symbiotics contributed $5.5 million in this round. It had previously raised $3 million in debt from the $75-million Green Basket Bond issued by Symbiotics Investments back in June this year. The fresh funds will be allocated to strengthen its secured MSME lending and support its expansion into Tier-2 to Tier-6 markets across India, Dugar Finance said in a press release. Led by Ramesh Dugar, Dugar Finance is an impact-focused, non-deposit-taking NBFC operating across multiple states in India with a strong presence in tier 3 and tier 4 markets. The company specializes in secured MSME and commercial vehicle financing aimed at income generation, supporting micro-entrepreneurs, small businesses, and first-time commercial vehicle drivers who remain underserved by formal credit. Dugar Finance focuses on disciplined underwriting, strong governance, and prudent risk management, and it aims to continue to deepen its institutional lender relationships. It is emphasized on building a resilient, scalable lending platform designed to support long-term economic activity in India’s growth corridors. The Chennai-based company currently operates across six states, serving semi-urban and rural customers. Its portfolio includes income-generating secured MSME loans and commercial vehicle loans, supporting micro-entrepreneurs, small businesses, and first-time commercial vehicle drivers. It aims to scale more than 75 branches and Rs 600 crore AUM by FY27 and Rs 2,000 crore AUM by FY29, while maintaining its strong financial performance, including an RoA of above 4% and Gross NPAs below 2%.

Download the medial app to read full posts, comements and news.