Exclusive: Nandan Nilekani’s Fundamentum leads Olyv’s $23 Mn Series C round

Personal lending platform Olyv, formerly known as SmartCoin, has raised Rs 207 crore (around $23 million) in its Series C funding round led by Fundamentum Partnership Fund, with participation from SMBC Asia.

The board of Olyv has passed a resolution to allot 10 equity shares and 88,265 Series C compulsorily convertible preference shares at an issue price of Rs 23,506 each to raise the total amount, regulatory filings accessed by Entrackr from the Registrar of Companies (RoC) show.

Fundamentum Partnership led the round with an investment of Rs 120 crore (approximately $13.3 million), while SMBC Asia Rising Fund participated with Rs 87.5 crore. According to the filings, the company plans to utilise the proceeds for general corporate purposes.

As per Entrackr’s estimates, Olyv is valued at around Rs 1,045 crore, or nearly $117 million, post-money.

Following the fresh capital infusion, Lightrock remains the largest external shareholder with a 22.43% stake in the company. The new investor, Fundamentum Partnership Fund, holds an 11.48% stake, while SMBC Asia Rising Fund and 01VC Poseidon Fund own 8.37% and 4.95%, respectively. The company’s co-founders, Rohit Garg, Jayant Upadhyay, Vinay Kumar Singh, and Amit Chandel, collectively hold a 28.48% stake in the company.

Founded in 2015, Olyv operates as an online lending marketplace through its website and mobile application. The platform connects borrowers and lenders, offering unsecured loans digitally. The startup’s product portfolio primarily includes small-ticket personal loans catering to micro-merchants, self-employed individuals, small retailers, blue- and grey-collar workers, as well as salaried professionals.

For the fiscal year ended March 2025 (FY25), Olyv’s revenue from operations grew 36% year-on-year to Rs 338 crore, compared to Rs 249 crore in FY24. During the same period, the company’s profits more than doubled to Rs 26 crore.