Neogrowth

lendingother lendingsme financing

FOUNDING YEAR: 2010
LOCATION: India
Last Update: 17/07/2020

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About

NeoGrowth is a technology-enabled lending business that provides unsecured loans to small retailers in major Indian cities including Mumbai, Delhi, and Bangalore. Borrowers have to option to repay by future card receivables, e-commerce sales, and other non-cash payments. It combines new payment datasets, traditional scoring, dynamic repayment & automated collections to identify and serve the credit-worthy merchants. Merchants are not required to pay fixed monthly installments, but instead, make automatic repayments as a portion of their sales made with electronic card payments at the Point of Sale (card settlement). The company also offers NeoCash Online, designed exclusively for online sellers on e-commerce marketplaces and retailers selling online through independent portals.

Focus

PRODUCTS & SERVICES

Short term business loans & working capital loans against debit/credit card and pos terminal sales data.

REVENUE MODEL

They charge interest rates between 18-24% for their loans.

MAIN CLIENTS

Over 2000 Small & medium businesses all across India

EXISTING PARTNERSHIPS

Flipkart

Snapdeal - To increase their client base

COMMENT

They offer flexible repayment tenure, with no obligation of a fixed EMI which reduces the financial burden of the SMEs

company provided insights

Traction

ACTIVE USERS COMMENT:

Approx. 2000 active merchants

People

FOUNDERS

Dhruv Khaitan

BOARD MEMBERS AND ADVISORS

Dhruv Khaitan

Smita Aggarwal

Ganesh Rengaswamy

Piyush Khaitan

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Accion Frontier Inclusion Fund

Aspada Investment Company

IIFL

Khosla Impact

Leapfrog Investments

Mauritius

OMIDYAR NETWORK

PROPARCO

Quona Capital

KEY EMPLOYEES:

B. Ravi Kumar(CFO); Sanjoy Shome(COO); Raju Shetty(CTO)

Momentum

FUNDED

YES

TOTAL FUNDING

$54.18 M

DATE OF LAST FUNDING

Sep 2019

FUNDING SERIES

SERIES C  · $7 M  · Aug 2015

OTHERS  · $47.18 M · Jan 2018

DEBT FUNDING

$17 M

LISTED

NO

COMMENT

Venture fund: $36.6 M (July 2016)

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