MSME-focused digital lender NeoGrowth has raised $10 million in a new round led by MicroVest Capital Management, a US-based global investment firm.
The investment will help NeoGrowth extend financing to small businesses across India while helping the company get required growth capital, NeoGrowth said in a press release.
Founded by Dhruv Khaitan and Piyush Khaitan a decade ago, NeoGrowth is a new-age lender, with a focus on micro, small, and medium enterprises (MSMEs). It offers a wide range of products tailored to the dynamic needs of small businesses. According to the company, its MSMEs-focused loan products are available across over 70 segments and more than 25 locations in India.
NeoGrowth claims to have served over 150,000 customers, disbursing over $1 billion in loans. The company’s digital payments-based lending, modular product suite, analytics-based underwriting, and flexible repayment options are essential in providing credit access to SMEs.
The firm is also backed by Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund, WestBridge, FMO, and Leapfrog Investments.