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News on Medial
LoanTap Secures INR 74 Crore to Boost MSME Credit Access
StartupTalky
·
2m ago
Medial
LoanTap has raised INR 74 crore in a pre-Series C funding round to enhance its supply chain financing for MSMEs, especially small retailers in vital sectors. Led by July Ventures and featuring existing investors, the equity raised stands at INR 54 crore, with an additional INR 20 crore through venture debt. LoanTap's BICRI tool aids retailers' credit assessment, promoting inclusive growth. It plans to expand its reach to over 2 lakh retailers and fund a million invoices in the coming year.
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Digital lending startup LoanTap raises pre-Series C round
VCCircle
·
2m ago
Medial
Digital lending startup LoanTap, supported by venture capital firms like 3one4 Capital, has secured Rs 54 crore ($6.2 million) in a pre-Series C equity funding round. The Pune-based company aims to expand its supply chain financing for small retailers. CEO Satyam Kumar emphasizes leveraging the momentum in India's MSME sector to enhance invoice financing and empower MSMEs. Founded in 2016, LoanTap offers personal and MSME loans, reporting improved financial performance in recent years.
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LoanTap raises Rs 74 Cr to expand MSME supply chain financing
YourStory
·
1m ago
Medial
LoanTap, a digital lending platform, has raised Rs 74 crore in a pre-Series C round to enhance its supply chain financing for small retailers. The funding includes Rs 54 crore in equity led by July Ventures and Rs 20 crore in venture debt. LoanTap's supply chain financing division, LT Credit, has financed over 4.5 lakh invoices worth Rs 1,000 crore for more than 50,000 retailers in two years, aiming to fund one million invoices next year.
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Kinara Capital launches Rs 500 crore fund to empower women entrepreneurs
IndianStartupNews
·
1y ago
Medial
Leading Indian fintech company Kinara Capital has launched a new fund of INR 500 crore ($67 million) to mark the 5th anniversary of its HerVikas program, which supports women entrepreneurs by providing easier access to formal credit. New benefits under the program include a 1% interest rate discount on collateral-free business loans, a 60-day repayment holiday, and a 50% reduction in loan processing fees. Since its inception, the HerVikas program has disbursed over INR 700 crore ($94 million) in collateral-free loans, supporting 5,800 women MSME entrepreneurs across India.
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Fuelling Growth: PSU banks told to boost credit to crucial sectors
Economic Times
·
1m ago
Medial
The Indian government has encouraged public sector banks to increase credit to critical sectors, such as micro and small enterprises (MSMEs). Banks will identify high-employment MSME clusters and promote lending through specific Mudra financing products. Loan events for retail customers are also planned. The Reserve Bank of India's rate cut is expected to boost private sector expenditure. Additionally, performance reviews and credit schemes aim to enhance credit access for MSMEs and the rural population.
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Loantap secures $6.2 million in fresh funding from July Ventures and existing investors
Economic Times
·
2m ago
Medial
Loantap, a Pune-based digital lending platform, secured $6.2 million in equity funding led by July Ventures with participation from existing investors, bringing its total capital to $26 million. Pivoting from consumer lending to focusing on small businesses, Loantap has significantly reduced its unsecured consumer lending book. The company disburses about Rs 600 crore in loans annually and aims to reach Rs 900 crore by FY26. They have also developed a software stack for financial institutions.
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Finova Capital secures Rs 1,135 crore from Avataar Venture Partners, Sofina, Madison India others
Economic Times
·
9m ago
Medial
Jaipur-based lender Finova Capital has raised $135 million in a funding round led by Avataar Venture Partners, Sofina, and Madison India Capital, with participation from Norwest Venture Partners. The funding will be used to expand Finova Capital's loan book, invest in technology, and enter new markets. The company, founded in 2015, offers credit to micro entrepreneurs and semi-skilled professionals who have limited access to credit from traditional financial institutions. Finova Capital has assets under management of INR 3,000 crore and serves around 100,000 customers through a network of 400 branches.
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Ashwin Sheth Group buys 50% stake, PAG pours ₹540 cr in posh south Mumbai tower
Livemint
·
1m ago
Medial
Ashwin Sheth Group has acquired a 50% stake in the luxury residential project 'One Marina' in South Mumbai. The project, a stalled 74-storey tower, will receive a ₹540 crore credit finance boost from the Asia-focused investment firm PAG, targeting a gross development value of ₹2,300 crore. This two-way strategic deal allows existing lender J.C. Flowers Asset Reconstruction Pvt. Ltd an exit and aims to make One Marina a premium residential address in the area.
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Comm, MSME, finance ministries to work on contours of Export Promotion Mission: Goyal
YourStory
·
6m ago
Medial
The commerce, MSME, and finance ministries are collaborating to identify sectors in need of capital for technology upgrades, marketing, and export promotion. An Export Promotion Mission with an outlay of Rs 2,250 crore aims to boost exports by providing affordable credit and supporting MSMEs in overcoming non-tariff measures. The initiative seeks to support sectors like textiles and marine, addressing barriers and facilitating domestic manufacturing and exports for a significant impact.
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Flexiloans secures Rs 290 crore in funding from Accion, Fundamentum, others
Economic Times
·
11m ago
Medial
Indian digital lending startup Flexiloans has raised INR 290 crore ($35 million) in an equity funding round led by Accion, Nuveen, and Fundamentum. Existing investor Maj Invest also participated in the round. Flexiloans plans to use the funds to strengthen its credit business and expand operations. The Mumbai-based company, founded in 2016, has raised a total of INR 636 crore in equity funding. It offers term loans and supply chain financing to small and medium-sized businesses.
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Lendingtech platform mPokket secures $60 mn debt facility from BPEA Credit
VCCircle
·
1y ago
Medial
Digital lending platform mPokket has secured a $60 million debt facility from BPEA Credit, a private credit manager in Asia. mPokket plans to use the funds to meet the increasing credit demand from its 24 million registered customers as well as accelerate product development in insurance and career acceleration. The company has remained profitable since 2019, with a reported net profit of INR 118 crore ($15.7 million) for FY23. mPokket has disbursed around $1.7 billion in loans to date and uses proprietary underwriting algorithms to minimize default rates. BPEA Credit has invested over $1 billion across 70 companies in multiple sectors.
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