An MSME focused financial institution Seeds Fincap has raised Rs 50 crore or $6 million in its Series A1 round from Lok Capital, of which the first tranche of Rs 32 crore has been closed.
The investment will be used as growth capital by the company to accelerate expansion in existing and new geographies, Seeds Fincap said in a press statement.
Founded by Subhash Acharya and Avishek Sarkar, Seeds Fincap helps with financial needs of small businesses with customised products with a focus on risk management and leveraging technology.
The company has presence in six states through a network of 72 branches. With assets under management (AUM) of Rs 212 crore, Seeds Fincap claims to have facilitated over 40,000 disbursements worth Rs 340 crore.
According to Lok Capital, it has managed four funds so far with over 40 investments and made 30 exits. It invests in financial services, agritech, healthtech and climate tech. Seeds Fincap marks Lok Capital IV’s fourth investment following MoneyView, Aquaconnect and SuperBottoms.
