Seeds Fincap plans to disburse Rs 250 crore in next financial year

Gurugram-based NBFC Seeds Fincap Pvt Ltd on Wednesday said it aims to disburse loans worth Rs 250 crore in the next financial year.

The company, which has operations in Uttar Pradesh, Haryana and Rajasthan with 24 branches in Tier 2 and 3 towns, completed disbursement of Rs 50 crore worth loans on Wednesday.

It has about 7,000 MSME customers.

The company received its license from the Reserve Bank in April 2021. However, owing to the second wave of the coronavirus, it could commence full-scale operations only in July 2021.

"Seeds Fincap Private Limited (SEEDS) completed loan disbursement of first Rs 50 crore today (Wednesday)," and has chalked out a plan to disburse Rs 250 crore in the next financial year, according to a release.

"For the coming financial year, we are planning to expand our reach further into new geographies by adding 40 plus branches in 4 additional states," Subash Acharya, Co-Founder, Managing Director and CEO, said.

To fund its expansion plans, the entity has raised debt from financial institutions.

Currently, it has 16 lending partners and plans to raise further debt. It is also planning to raise equity from institutional investors in the first quarter of the next financial year, the non-deposit taking NBFC said.