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Neogrowth raises Rs 300 cr in round led by Leapfrog

Press Trust of India  |  Mumbai 

Digital lending platform Neogrowth today said it has raised Rs 300 crore in a round led by by selling an undisclosed stake.

Existing investors including and Quona Capital, through Accion Frontier Inclusion Fund, also participated in the round.

The company, founded in 2012, is focused on lending to the small segment and has now expanded its presence to 21 cities across the country.

"India's digital lending space is experiencing massive growth, providing unprecedented opportunity for Neogrowth to apply its pioneering to enable loans for a rapidly expanding small merchant segment," its said.

Avendus Capital, the deal advisor, said 85 per cent of small businesses in the retailer ecosystem rely on self-and financing from noninstitutional sources, presenting an opportunity for financiers like Neogrowth.

It added has nearly six million retailers, who present a potential financing opportunity of Rs 3 lakh crore.

The company is driven by data and uses for analytics for underwriting the risk, it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 24 2018. 22:35 IST