NeoGrowth, a small business-focused fintech firm, has received Rs300 crore from the Dutch entrepreneurial development bank FMO and current investors.
The Dutch lender contributed Rs160 crore of the new equity capital.
The funds will be employed for expanding into new markets and for lending.
Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund, Quona Capital, IIFL Seed Ventures Fund, WestBridge, and Leapfrog Investments are other investors in NeoGrowth.
It manages Rs1,600 crore in assets and is connected to over 1.5 lakh MSMEs. According to MD and CEO Arun Nayyar, it has already disbursed over USD 1 billion in loans.
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