NeoGrowth, a Mumbai, India-based fintech startup, raised $35m in equity funding.
The round was led by IIFL Asset Management and co-led by existing investor Accion Frontier Inclusion Fund, managed by Quona Capital. Other existing investors – Omidyar Network, Aspada Investments, and Khosla Impact – also participated in this round.
The company intends to use the funds to invest in technology, brand, and distribution.
Led by Mr. Dhruv Khaitan, Founder & Chairman, NeoGrowth allows small retailers, including qualified borrowers with little or no credit history, to access credit in India. The company’s loan funds typically support retailers’ expansion, renovation, one-time equipment purchases, or large seasonal inventory purchases. Headquartered in Mumbai, NeoGrowth has also offices in New Delhi, Bangalore, Chennai, Hyderabad, Kolkata, Pune, Goa, Ahmedabad, Baroda, Chandigarh, Jaipur, Ludhiana & Kanpur as well as in New York, Houston, London, Geneva, Mauritius, Dubai, Singapore & Hong Kong.