Indian SME lending startup NeoGrowth nets $35m backing

Indian fintech startup NeoGrowth has raised $35m in a new financing round backed by Mumbai-based asset manager IIFL.

Existing investors, including Quona Capital’s Accion Frontier Inclusion Fund, Omidyar Network, Aspada Investments and Khosla Impact also joined the round.

Launched in 2013, NeoGrowth is a lending solutions provider to small and medium-sized businesses in the retail sector.

One of the company’s products, NeoCash Online, is designed exclusively for online sellers on e-commerce marketplaces or through independent portals. The company has partnered with Flipkart and Snapdeal to provide financing solutions to online sellers using their respective marketplace platforms.

NeoGrowth will use the new financing to enable small retailers with no or little credit history get access to loans.

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