Gabriel Budi Sutrisno · · 2 min readFinAGG raises $11m to expand MSME financing in India
FinAGG co-founders Nipun Kohli (left) and Srinivasan Ramki / Photo credit: FinAGG
FinAGG Technologies, an MSME financing firm based in India, has secured US$11 million in a series A round led by BlueOrchard and Tata Capital.
Nipun Kohli, FinAGG’s CEO, said that BlueOrchard’s expertise in climate-based projects will help the Indian firm expand into climate insurance. It also aims to incorporate blockchain tech into its operations.
Founded in 2019, FinAGG has reached over 85,000 borrowers in 100 Indian cities, disbursing over 52 billion rupees (US$629 million) to date. The company also provides loan management systems customized to the needs of local and international financial institutions.
The new funding will help expand FinAGG’s reach in India, aligning with its goal of “impacting over 250,000 lives by March 2025,” said co-founder and CTO Srinivasan Ramki in a statement.
This comes over a year after the company received US$3 million in pre-series A money from Blinc Invest and Prime Venture Partners. The latter also participated in the series A round, along with the Small Industries Development Bank of India.
In addition, FinAGG announced that it secured non-convertible debt from Gray Matter Capital. Details of the deal are undisclosed, but the company said it will use this funding to support women entrepreneurs.
See also: Is India’s online trading boom facing a reality check?
Currency converted from Indian rupee to US dollar: US$1 = 83.15 rupees.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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