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GrowXCD Finance focusing on MSMEs raises Rs 50 crore from Lok Capital
IndianStartupNews
ยท
1y ago
Medial
Chennai-based fintech startup GrowXCD Finance has raised Rs 50 crore in a Series A funding round led by Lok Capital. The company plans to use the funds to establish its initial team, develop new technologies, and expand its operations. GrowXCD Finance focuses on serving micro, small, and medium enterprises (MSMEs), particularly in rural and semi-urban areas. They offer unique financial products like small business mortgage loans and short-term unsecured loans. The partnership with Lok Capital aims to create a differentiated business in the MSME lending space.
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Lok Capital and UC Impower invest Rs 50 crore in GrowXCD Finance
Economic Times
ยท
6m ago
Medial
Impact investors Lok Capital and UC Impower have invested Rs 50 crore in GrowXCD Finance, a tech-enabled NBFC focused on small businesses in Tamil Nadu, Karnataka, and Andhra Pradesh. Lok Capital contributed Rs 20 crore, while UC Impower, incubated by United Capital, invested Rs 30 crore. With this investment, GrowXCD Finance's net worth has reached Rs 110 crore. The company aims to expand its portfolio significantly, targeting Rs 500 crore by March 2026, primarily in southern India.
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Fintech startup Seeds Fincap catering MSMEs raises Rs 50Cr led by Lok Capital
IndianStartupNews
ยท
1y ago
Medial
Fintech startup Seeds Fincap, which caters to MSMEs, has raised Rs 50 crore in a Series A1 funding round led by Lok Capital. The company plans to use the funding to expand its reach in existing and new geographies. Seeds Fincap offers customised financial products to small businesses, focusing on risk management and technology. It operates through a network of 72 branches across six states and has facilitated over 40,000 disbursements worth Rs 340 crore.
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TVS Capital, Paragon, others bet on Saarathi Finance in Series A round
VCCircle
ยท
2m ago
Medial
Non-bank lender Saarathi Finance & Credit Pvt Ltd raised Rs 475 crore ($55.6 million) in a Series A round led by TVS Capital, alongside Lok Capital, Evolvence Equity Partners, Paragon Partners, and angel investors contributing Rs 350 crore. The remaining capital came from Saarathi's founders. Valued at Rs 900 crore ($105 million), Saarathi aims to offer loans to MSMEs and individuals in underrepresented semi-urban and rural areas, leveraging technology-driven solutions to improve credit access.
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Amazon-backed M1xchange raises $10 Mn from Filter Capital
Entrackr
ยท
2m ago
Medial
M1xchange has raised Rs 84 crore ($10 million) from Filter Capital through a secondary transaction to support its digital supply chain finance operations targeting micro, small, and medium enterprises (MSMEs). The latest funding round comes two months after Jindal Stainless and its subsidiary, Jindal Stainless Steelway Limited, acquired a 9.62% stake in M1xchange. The firm has raised over $47 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. Founded by Sundeep Mohindru and Vivek Misra, M1xchange operates as a Trade Receivables Discounting System (TReDS) platform, facilitating invoice financing of approximately Rs 10,000 crore ($1.2 billion) monthly for MSMEs, corporates, and financiers. Since its inception in April 2017, the platform claims to have facilitated over Rs 1.75 lakh crore ($20 billion) in invoice discounting and onboarded 50,000 MSMEs, 2,800 corporates, and 66 financial institutions, including banks and NBFCs. The firm reported a 100% year-on-year growth in transaction volumes. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore. Filter Capital, a growth investment firm, focuses on technology-driven businesses in India, including fintech, SaaS, and logistics. Its portfolio includes Capillary Technologies, Chalo Mobility, LoadShare Networks, and THB.
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Saarathi Finance secures Rs 475 Cr equity capital
Entrackr
ยท
2m ago
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. โWe are committed to empowering Bharatโs entrepreneurs by providing more than just credit โ 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,โ said Vivek Bansal, founder & CEO of Saarathi Finance.
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CredAble raises Rs 30 Cr from SIDBI
Entrackr
ยท
1y ago
Medial
Fintech startup CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI. The fund will be used to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India, CredAble said in a press release. Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs. CredAbleโs platform hosts over 125 corporate customers, over 3,50,000 small business borrowers, and more than 35 large financial institutions and banks. The company recently had dedicated Rs 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months. In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. It has raised nearly $60 million to date. CredAbleโs revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.
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EV financing startup Perpetuity Capital raises Rs 7 Cr
Entrackr
ยท
1y ago
Medial
Perpetuity Capital, a fintech platform specializing in clean-tech mobility, has raised Rs 7 crore through Non-Convertible Debentures (NCDs) from N+1 Capital and RevX Capital. Perpetuity Capital plans to utilise these funds to enhance its lending capabilities and expand its loan book, particularly focusing on the regions of East India. This strategic move is aimed at promoting the adoption of environmentally friendly mobility solutions in these states. Led by Karamveer Dhillon, Perpetuity Capital helps delivery drivers and autorickshaw drivers avail finance to purchase electric vehicles for commercial use. In October 2023, Perpetuity Capital raised Rs 5 crore in debt from Clime Finance. In the electric vehicle financing space, Perpetuity Capital competes with Vidyut, Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Revfin raised $14 million in Series B round led by Omidyar Network in December whereas Vidyut raised $10 million in February this year.
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SBFC Finance taps offshore investor to raise capital
VCCircle
ยท
5m ago
Medial
SBFC Finance Ltd, a non-bank lender focusing on micro, small, and medium-sized enterprises (MSMEs), is raising Rs 400 crore ($46 million) from British International Investment to expand its operations. The funding will provide loans to low-income MSMEs and women borrowers, with proceeds split evenly between both groups. The Mumbai-based lender, operating across 197 branches in India, aims to support about 5,000 customers to enhance economic opportunities and income levels through this initiative.
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CloudExtel raises external debt of Rs 200 Cr
YourStory
ยท
1y ago
Medial
Mumbai-based Network-as-a-Service provider CloudExtel has received Rs 150 crore in external debt from NIIF Infrastructure Finance Limited, and an additional Rs 50 crore from Aditya Birla Finance Limited to grow its market presence in fiber and small cells deployment. The company has also received first-time credit rating of 'A-' from CARE Ratings Limited.
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Aye Finance gets Sebi nod for Rs 1,450 crore IPO
Business Today
ยท
4m ago
Medial
Aye Finance Ltd, a Gurugram-based NBFC, received SEBI approval for a Rs 1,450 crore IPO, comprising a fresh issue of Rs 885 crore and an OFS of Rs 565 crore. Key stakeholders involved in the OFS include LGT Capital Invest Mauritius PCC and CapitalG LP. The proceeds will enhance the capital base and support growth. Targeting micro-scale MSMEs, Aye Finance serves diverse sectors with secured and unsecured loans, backed by a robust service portfolio.
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