SMEcorner raises USD 30 mln in Series B funding

Fintech non-bank financier SMEcorner on Monday said it has raised USD 30 million (around Rs 210 crore) through a combination of equity and debt in series B funding.

The funding round was led by Paragon Partners, which invested USD 10.5 million, and the balance came from existing investors including Quona Capital, Accion Venture Lab, Bharat Shah and few other high networth individuals, according to a company release.

"The additional capital will enable us to reach over 20,000 new customers and grow our distribution in the coming year," SMEcorner's founder and CEO, Samir Bhatia, said.

Bhatia has also made an undisclosed investment in the current round of funding.

The funds raised would go towards rapid business scale-up, lending partnerships and market expansion in the coming financial year.

The SME-focussed fintech non-banking financial company plans to lend Rs 1,000 crore by the end of next financial year.

The company got its NBFC licence in February 2018 and is currently present across 15 cities in four states of the country.

It has over 8,000 customers and has disbursed over Rs 550 crore since obtaining the licence.

The company's current assets under management stand at Rs 400 crore.