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NBFC Bizloan raises Rs 35 Cr in Series A funding

Entrackr · 5m ago

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Bizloan, a non-banking finance company (NBFC) dedicated to providing credit solutions for small businesses, has raised Rs 35 crore ($4.16 million) in Series A funding round co-led by the Michael & Susan Dell Foundation and BLinC Invest. The Bengaluru-based company had previously raised $2.77 million from Caspian Debt and others. The fresh funds will be allocated towards expanding its reach in underserved markets, enhancing its suite of loan products, and investing in technology to streamline its lending operations, Bizloan said in a press release. Co-founded in 2016 by Rahul Jain, Abhishek Mishra, Girish Chawla, and Vikram Diwan, Bizloan is a Non-Banking Finance Company (NBFC-Type 2) registered with the RBI, dedicated to empowering India’s 5.5 crore MSMEs with timely and accessible financial solutions. Bizloan aspires to empower more than 2,500 micro and nano enterprises in the next 12 months with the capital they need to grow, particularly in regions with limited access to traditional financing options. The company says that it has already made a notable impact in the MSME sector, disbursing approximately Rs 774 crore in loans across 26 branches. To date, it claims to have provided financial support to more than 3,000 entrepreneurs in key regions, including Haryana, Uttar Pradesh, NCR, Karnataka, and Rajasthan. Bizloan employs the ABC (Asset, Behaviour, Cashflow) methodology to evaluate borrowers, most of whom come from informal income backgrounds or are new to credit. It aims to bridge financial gaps and drive sustainable growth for unorganized MSMEs. The company plans to scale its operations, introduce new financial products, and empower even more small businesses across India, driving growth in the Indian entrepreneurial ecosystem. Bizloan may compete directly or indirectly with other players in this space such as Aye Finance, Finova Capital, NBFC Varthana, and Save Solutions.