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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.
PRODUCTS & SERVICES
Short term business loans & working capital loans against debit/credit card and pos terminal sales data.
They charge interest rates between 18-24% for their loans.
Over 2000 Small & medium businesses all across India
Snapdeal - To increase their client base
They offer flexible repayment tenure, with no obligation of a fixed EMI which reduces the financial burden of the SMEs
ACTIVE USERS COMMENT:
Approx. 2000 active merchants
BOARD MEMBERS AND ADVISORS
NUMBER OF EMPLOYEES
B. Ravi Kumar(CFO); Sanjoy Shome(COO); Raju Shetty(CTO)
DATE OF LAST FUNDING
SERIES C · $7 M · Aug 2015
OTHERS · $47.18 M · Jan 2018
Venture fund: $36.6 M (July 2016)
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