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Red Fort Capital bags Rs 22.6 Cr in debt from major PSU banks

EntrackrEntrackr · 1y ago
Red Fort Capital bags Rs 22.6 Cr in debt from major PSU banks
Medial

Red Fort Capital, an investment-grade NBFC, has successfully raised Rs 22.6 crore in debt funding, crossing a milestone of Rs 100 crore in assets. The debt raise includes Rs 15 crore from a large Public Sector Undertaking (PSU) bank. Notably, Red Fort Capital has already secured prior financing rounds from the State Bank of India, the largest PSU lender. Additionally, Rs 4.1 crore was raised through non-convertible debentures (NCDs) via Foreign Portfolio Investors (FPI), and Rs 3.5 crore from USHA Finance. This diverse capital will be instrumental in accelerating Red Fort Capital’s mission to bridge the credit gap for small and medium enterprises (SMEs) across India. Red Fort Capital offers secured loans tailored uniquely for businesses with flexible funding options ranging from Rs 1 crore to Rs 10 crore and a turnaround time of just 7 days. Red Fort Capital has already established a nationwide presence and aims to enhance its secured business loan offerings across manufacturing, trading, and service sectors with this new infusion of funds. By maintaining its focus on innovation, technology, and risk management, Red Fort Capital is positioned to attract even more banking partnerships, which are critical for its future growth.

Symbiotics leads $18 Mn debt round in Dugar Finance

EntrackrEntrackr · 18h 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%.

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.

NowPurchase raises $6 Mn led by Info Edge Ventures, others

EntrackrEntrackr · 1y ago
NowPurchase raises $6 Mn led by Info Edge Ventures, others
Medial

NowPurchase, a SaaS-enabled marketplace for metal manufacturers, has raised $6 million in equity and debt round led by Info Edge Ventures. Orios Ventures Partners, 100 Unicorns, VC Grid, as well as family offices and angel investors such as Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele, Capsave Finance and UC Inclusive also participated in the round. Post this round, the total funds raised by the startup to date stands at $10 million. The proceeds will be used for expansion and rolling out new solutions to better serve the metal manufacturing industry, NowPurchase said in a press release. Additionally, the new funds will support the creation of a network of scrap processing centers, the development of private labels, and the integration of AI and MetalCloud as the foundational operating system for metal manufacturing. Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase procures raw materials through its scrap recycling services and metal cloud platform to benefit metal manufacturers. It also provides its users with a WhatsApp bot to discover prices and stock in real time, a team to provide on-ground service and quality assurance, and a proprietary SaaS platform to optimise their manufacturing process. The company’s proprietary platform, MetalCloud, acts as an operating system that enhances transparency and efficiency in metal production and melting processes. It serves over 250 factories across the metal supply chain, including major corporations like Titagarh Rail Systems Limited, Brakes India and many more.

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