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Sheet metal fabricator Brick and Byte raises Rs 10Cr in debt from MSME lender Red Fort Capital

IndianStartupNews

IndianStartupNews · 2y ago

Sheet metal fabricator Brick and Byte raises Rs 10Cr in debt from MSME lender Red Fort Capital

Brick and Byte, a startup, secures INR 10 crore (about $1.3 million) in debt funding from MSME lender Red Fort Capital. The funding will likely bolster Brick and Byte's operations and expansion plans. This debt infusion reflects the lender's confidence in the startup's potential and signifies the importance of alternative funding sources in supporting the growth of emerging businesses.

Related News

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

Entrackr

Entrackr · 10m ago

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

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.

MSME Lender Swara Fincare Raises Funds From UC Impower To Double AUM

Inc42 · 10m ago

MSME Lender Swara Fincare Raises Funds From UC Impower To Double AUM

- Swara Fincare raises funding from Nexus Venture Partners and Piper Serica Angel Fund. - The company has a presence in Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand through 45 branches. - Swara Fincare is an MSME lender with debt support from over 30 financial institutions and banks. - The funding round also includes an internal infusion from Swara Fincare's founders. - The company has three colending partnerships.

IPO-bound NBFC Northern Arc raises $80 mn from IFC

VCCircle

VCCircle · 1y ago

IPO-bound NBFC Northern Arc raises $80 mn from IFC

Chennai-based non-banking lender Northern Arc has raised $80 million, with $40 million in equity and $40 million in debt, from the International Finance Corporation (IFC), the investment arm of the World Bank Group. The funds will be used for expansion and improving customer reach. Northern Arc, which focuses on financial inclusion, plans to raise an additional $75 million from another foreign institution. The company offers microfinance, MSME finance, affordable housing finance, vehicle finance, consumer finance, and agriculture supply chain finance. Its assets under management stood at INR 10,081 crore ($1.34 billion) as of September 2023.

VC-backed Credit Fair gets fresh capital from impact investor

VCCircle

VCCircle · 6m ago

VC-backed Credit Fair gets fresh capital from impact investor

Credit Fair, a non-bank lender, secured $5 million in debt capital from a British International Investment-backed bond issued by Symbiotics Investments to enhance renewable energy adoption. The funds will support rooftop solar financing in tier-2 and tier-3 Indian cities, focusing on residential and MSME customers. Credit Fair plans to finance 2,500 new solar projects, aiming to reduce carbon emissions and provide sustainable energy. Founded in 2018, it's backed by various institutional investors.

B2B ecommerce unicorn Udaan raises fresh debt

VCCircle

VCCircle · 10m ago

B2B ecommerce unicorn Udaan raises fresh debt

B2B ecommerce platform Udaan has secured approximately Rs 300 crore ($40.6m) in debt financing from venture debt investors including Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. The funds will be used to strengthen Udaan's balance sheet, expand its geographical reach, improve operational efficiency, and enhance service delivery for customers. Udaan aims to continue leading the B2B market in the evolving business landscape. This debt funding follows a $340 million Series E financing round led by M&G Plc earlier this year. Udaan reported consistent growth and is on track to achieve profitability.

Exclusive: NeoGrowth raises debt from UTI International

Entrackr

Entrackr · 9m ago

Exclusive: NeoGrowth raises debt from UTI International

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.

Namdev Finvest raises $38 mn in fresh capital from DFIs

VCCircle

VCCircle · 7m ago

Namdev Finvest raises $38 mn in fresh capital from DFIs

Jaipur-based MSME lender Namdev Finvest has secured $38 million from development finance institutions, including US-based Developing World Markets (DWM) and BlueOrchard-managed funds. DWM contributed $8.25 million, while BlueOrchard provided $13 million. Global asset manager Mirova invested $10 million, marking its entry into the Indian market. This funding will help Namdev Finvest expand operations beyond traditional lending models, focusing on underserved rural and semi-urban borrowers and supporting projects in clean mobility and renewable energy sectors.

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

Entrackr

Entrackr · 11m ago

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

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.

InCred Finance raises ₹500 crore, turns unicorn

Livemint

Livemint · 1y ago

InCred Finance raises ₹500 crore, turns unicorn

InCred Finance, the lending arm of InCred Group, has raised ₹500 crore ($60 million) in its Series D funding round, turning the company into a unicorn with a valuation of around ₹8,800 crore ($1.05 billion). The investors include a global private equity fund, corporate treasuries, family offices, and high net worth individuals. InCred Finance plans to use the funds for its consumer loans, student loans, and MSME lending segments. InCred is a tech-enabled lender offering loans to consumers and small businesses. It is part of the larger InCred Group that operates in various financial services verticals.

Peak XV-backed Bright Money raises $62 Mn

Entrackr

Entrackr · 1y ago

Peak XV-backed Bright Money raises $62 Mn

Bright Money, a Bengaluru and San Francisco-based consumer fintech startup, has raised $62 million in a Series B funding round. The round consists of $50 million debt from Encina Lender Finance and $12 million equity led by Alpha Wave, Hummingbird, and PeakXV. Bright Money offers debt management solutions and aims to reshape global retail banking using big data and AI. The funding will help the company cater to millennials, particularly in the US, and expand its product offerings. Bright Money previously raised $31 million in a Series A round in September 2021.

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