Exclusive: Finnable to raise Rs 250 Cr in new round

Digital lending platform Finnable is set to raise Rs 250 crore (approximately $29 million) in its pre-series C round from Matrix Partners, TVS Capital, and India Nippon Electricals Limited.

According to the board resolution accessed from the Registrar of Companies (RoC), the company has passed a board resolution and allotted 3,35,238 Pre-Series C preference shares at an issue price of Rs 3,788.35 each and secured Rs 127 crore or $14.7 million.

During the first tranche of the pre-series C round of Rs 127 crore, Matrix Partners has injected Rs 125 crore, while India Nippon pumped in Rs 2 crore. The remaining funds are expected to be infused shortly, completing the round.

The development comes six months after Ranjan Pai’s family office invested Rs 40 crore in the company, a deal exclusively reported by Entrackr at that time.

According to Entrackr’s estimates, the company would be valued at Rs 1,300 crore or $150 million post-money.

Before this round, MEMG Family Office LLP held 18.69% in Finnable, while Matrix Partners India and TVS Shriram Growth owned 14.53% and 8.05%, respectively. Co-founder and CEO Nitin Gupta retained over 24%. The cap table is set to shift with the fresh infusion from Matrix and TVS, alongside dilution of the founders’ stake.

Founded in 2016 by ex-bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru-based fintech startup offering personal loans to salaried professionals. According to the website of the company, the company is at the AUM of Rs 3,000 crore and has served over 2.7 lakhs customers.

Finnable has yet to file its FY25 numbers. In FY24, the company posted a revenue of Rs 181.7 crore with losses of Rs 5.88 crore.