NeoGrowth Credit Pvt Ltd. Crosses Rs 1000 Crore In Asset Under Management And Aims At Rs 7000 Crore By 2023
NeoGrowth on partnering with 13,000 businesses across India aims to boost entrepreneurial growth and empower SMEs and MSMEs in India by providing easy credit with flexible recovery plans. The company crossed Rs. 1000 crore worth assets on 30th October, 2018
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NeoGrowth Credit Pvt Ltd., one of the most heard digital lending platforms for SMEs and MSMEs in India, crosses Rs. 1000 crore in Asset Under Management on 30th October, 2018. Partnered with 13,000 businesses pan India, 21 branches spread across the country and a recorded 150 times growth in disbursement within 5 years, NeoGrowth aims to reach Rs. 7000 crore within the next 5 years.
Speaking on this occasion, Dhruv Khaitan (DK), Founder & Chairman of NeoGrowth said, “It gives us immense pleasure to cross the milestone of Rs. 1,000 crore in AUM. This landmark is a reflection of the faith and confidence our customers and stakeholders have bestowed in the company. We’ve had a great journey having scaled up disbursements from Rs. 9 crore in FY 13 to Rs. 1,350 crore in FY 18. We have set a target of Rs. 3,300 crore for the next financial year.”
Businesses, according to NeoGrowth’s tech & touch model, are growing effectively, augmented by the in-house technology platform and smart analytics of the digital spends data. The Company’s proprietary technology platform offers unsecured loans to merchants who accept card or other digital payments from customers.
The credit lending platform’s tailor-made approach using digital payments helps merchants to plan their cash flows better and also boosts entrepreneurship and job creation. By driving these factors they are enforcing their mission on making an impact on society.
“We will continue with our expansion plans into these markets and keep innovating to come up with better solutions to help the SME segment in the best possible manner. In the next 5 years, we aim to cross Rs. 7,000 crore in AUM; in other words, build a billion-dollar balance sheet," Dhruv Khaitan added.
Flexible repayment is a hallmark of the NeoGrowth business, offering customer’s small daily auto-repayment facility from card-based sales. Striving to create a positive social impact on the financial lives of small and medium business merchants across India is NeoGrowth’s primary objective. There are more than 50% of whom are creditworthy but until now have been excluded from accessing loans based on traditional underwriting methods.
NeoGrowth is backed by investors, namely Omidyar Network, Aspada Investment Company, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund and Leapfrog Investments. Earlier in 2016, they have raised $35 mn from IIFL and existing investors, and in 2018, 47$ mn in equity funding.