Finova Capital raises $15 mn from Faering Capital and Sequoia India

Jaipur based Finova Capital (Finova), a Non-Banking Financial Company, has raised $15 million from Faering Capital and existing investor Sequoia India. Finova will use the funds to expand its presence and enable access to credit for the unbanked population. 

Finova Capital aims to serve the ‘“missing middle”’ of the MSME segment, small businesses and service providers in small towns and rural areas, who are looking for mid-ticket loans of INR 5-6 lakhs for a period of up to seven years. The loans are provided at customized terms and designed keeping the end customer in mind.

Finova, which was founded in 2016 by