A leading Non-banking Finance Company (NBFC) NeoGrowth Credit Pvt. Limited has announced that it has raised USD 17 million through debt financing from France’s Proparco SA.
This funding will help the company to reach out to 28,000 of the small businesses in the period of the next five years, NeoGrowth said in a statement.
“Reaching out to small businesses is in line with its commitment to supporting access to finance, in particular of Micro, Small, and Medium Enterprise (MSMEs), and innovative actors in developing economies”, said Proparco, the private-sector financing arm of French development finance institution Agence Francaise de Development.
The company was founded by Dhruv Khaitan and Piyush Khaitan in 2012 after they had sold their transaction processing firm Venture Infotek. The company doesn’t take deposits.
The company had last year in January had raised equity funding of Rs 300 crore which was led by LeapFrog Investments. Aspada Investment Company and Quona Capital who are the existing investors are also contributed to the fundraising.