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Exclusive: Ranjan Pai’s MEMG-backed Finnable to raise new round

Entrackr · 13d

Finnable’s board has approved a special resolution to issue 92,831 preference shares at an issue price of Rs 3,290.95 each, raising Rs 30.55 crore, according to its regulatory filing accessed from the RoC. Digital lending platform Finnable is set to secure Rs 30.55 crore ($3.7 million) in a Series B funding round led by TVS Shriram Growth Fund, with participation from Malpani Retails Private Limited, Harsh Anand Jain, Neha Bagaria, Roopjyot Engineering, and other investors. Finnable’s board has approved a special resolution to issue 92,831 preference shares at an issue price of Rs 3,290.95 each, raising Rs 30.55 crore, according to its regulatory filing accessed from the RoC. TVS Shriram Growth and Malpani Retails will infuse Rs 19.40 crore and Rs 4.70 crore, respectively, while Harsh Anand Jain, Neha Bagaria, and other investors collectively will contribute the remaining Rs 6.45 crore. TVS Shriram Growth Fund is a private equity growth-expansion fund managed by TVS Capital. According to startup data intelligence platform TheKredible, Finnable will be valued at around Rs 866 crore (over $100 million) post-allotment. After the Series B round, MEMG Family Office LLP will hold an 18.69% stake in Finnable, while Matrix Partners India and TVS Shriram Growth will own 14.53% and 8.05%, respectively. Founded in 2016 by ex-bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru-based fintech startup offering personal loans to salaried professionals. As of April 2021, Finnable raised $5.77 million over three funding rounds from 12 investors, including Manipal Global and MEMG Family Office. According to TheKredible, MEMG Group held 18.69% of the company as of the last funding round, while CEO Nitin Gupta retained a stake of over 24%. While Finnable has yet to file its annual report for FY24, the firm recorded over Rs 100 crore in revenue and Rs 19.51 crore loss in FY23.