Olyv raises $23 mn in Series B led by Nandan Nilekani's Fundamentum

Online lending marketplace Olyv has raised $23 million in a Series B round led by Nandan Nilekani's Fundamentum to expand products across insurance, UPI and business loans

Online lending marketplace Olyv on Wednesday said it has raised $23 million in its Series B funding round led by The Fundamentum Partnership, founded by Nandan Nilekani, with participation from SMBC Asia Rising Fund, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s largest banking groups.

 

The company said it plans to use the fresh capital to expand its product suite with new offerings across insurance, UPI, and business loans. In addition, Olyv will also invest in strengthening brand equity and bolster its tech stack to enhance the customer experience.

 

“The funding marks a significant milestone in Olyv’s growth journey and will power the company’s next phase of expansion, scaling its core business, deepening customer engagement, and laying the foundation for long-term value creation,” the company said in a statement.

 

According to data shared by the company, it has nearly two million monthly active users and around five crore app downloads. To date, Olyv said it has disbursed 70 lakh loans and facilitated over ₹10,000 crore in cumulative transactions. By FY29, the firm targets scaling its user base to 100 million and crossing $1 billion in assets under management.

 

Announcing the fund raise, Rohit Garg, co-founder and chief executive officer of Olyv, said: “At Olyv, technology and data come together to create real impact. We are democratising access to credit for the next billion hard-working and underserved Indians, fostering financial inclusion and nurturing their aspirations. This round will help us scale the business, strengthen our liability partnerships, and expand our product offerings to deliver an enhanced customer experience. Our long-term vision is to evolve as a trusted, full-stack financial partner for underbanked Indians entering formal credit.”

 

Olyv is the 11th and final investment from Fundamentum’s Fund II, which was launched in 2022.

 

Since its inception, the start-up has raised around $25 million in equity and approximately $100 million in debt from global and Indian fintech-focused investors, including Lightrock, Unicorn India Ventures, India SME, family offices including Gauri Khan’s Family Office, and entrepreneurs and sports personalities.