Finodaya Capital raises $2.5 Mn in seed round

Madhya Pradesh-based non-banking financial company (NBFC) Finodaya Capital has raised $2.5 million in its seed round, led by White Venture Capital. 

Accoridng to an ET report, the round values the company at Rs 50 crore ($5.87 million) post-money and includes participation from Gemba Capital and several angel investors.

Finodaya received its NBFC licence from the Reserve Bank of India on April 11. The company plans to provide microloans against property to small businesses and microenterprises across India. It will follow a phygital model, combining digital tools with a physical branch presence to facilitate credit underwriting and disbursal.

Founded by Lokendra Tomar, Abhitabh Dixit, and Neeraj Biyani, all former executives at ICICI Bank, Finodaya is targeting micro and nano enterprises, aiming to provide access to secured credit and help borrowers transition to the formal financial system.

Over the next six months, Finodaya intends to open 15 branches in Madhya Pradesh and aims to disburse loans worth Rs 50–100 crore by 2026. 

The firm previously operated through a business correspondent partnership with Utkarsh Small Finance Bank and is now exploring co-lending arrangements with other institutions. The funding comes amid broader digitisation efforts supporting property-backed lending in India.