Total amount raised
$189.5 Million
Latest funding date
01/01/2023
Location
Neogrowth has participated in 12 funding rounds, with the latest being a Debt Financing round. The company is backed by 16 investors, including notable names like MicroVest and FMO.
Keep reading to explore the intricacies of Neogrowth's fundraising journey and the investors backing this innovative platform.
What Is Neogrowth?
NeoGrowth, a non-deposit, NBFC registered with RBI, specializes in providing short-term business loans to merchants. The company is based in Mumbai, Maharashtra, India, and operates in industries such as Business Development, Finance, Financial Services, and Market Research.
Founded in an unspecified year, NeoGrowth has grown to employ between 501-1000 people. The company focuses on simplifying the lending process and amplifying growth for its clients.
How Much Funding Has Neogrowth Raised?
- Debt Financing
- Amount Raised: $10 million
- Date: January 2023
- Lead Investors: MicroVest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To extend financing to small businesses and obtain necessary growth capital.
- Series D
- Amount Raised: $36.6 million
- Date: December 2022
- Lead Investors: FMO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth of MSMEs and facilitate financial inclusion.
- Debt Financing
- Amount Raised: $20 million
- Date: November 2022
- Lead Investors: U.S. International Development Finance Corp
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their financial services to more micro, small, and medium enterprises.
- Debt Financing
- Amount Raised: $15 million
- Date: May 2022
- Lead Investors: FMO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide short-term business loans to merchants.
- Debt Financing
- Amount Raised: $17 million
- Date: September 2019
- Lead Investors: Proparco
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's lending operations.
- Series Unknown
- Amount Raised: $36.6 million
- Date: January 2018
- Lead Investors: LeapFrog Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance their lending capabilities.
- Series C
- Amount Raised: $35 million
- Date: July 2016
- Lead Investors: IIFL Finance, Quona Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and improve their technology infrastructure.
- Series C
- Amount Raised: $7 million
- Date: August 2015
- Lead Investors: Khosla Impact
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their lending platform and reach more customers.
- Series B
- Amount Raised: Not publicly disclosed
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support their growth and operational expansion.
- Debt Financing
- Amount Raised: $400,000
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide short-term business loans to merchants.
NeoGrowth has raised a total of $197.6 million. The current valuation is Not publicly disclosed.
Key Investors
- MicroVest Capital Management
- Details: MicroVest is a US-based global investment firm specializing in allocating private debt capital to responsible microfinance and SME financial institutions in emerging and frontier markets.
- Investment Focus Areas: Microfinance institutions, SME financial institutions, financial inclusion.
- Notable Investments: Over $1 billion disbursed to more than 200 financial institutions in 60 countries.
- FMO
- Details: FMO is the Dutch entrepreneurial development bank that supports sustainable private sector growth in developing countries.
- Investment Focus Areas: Development finance, financial services, sustainable growth.
- Notable Investments: Equity Bank, NMB Bank, Access Bank.
- Leapfrog Investments
- Details: Leapfrog Investments is a private equity firm that invests in high-growth financial services and healthcare companies in emerging markets.
- Investment Focus Areas: Financial services, healthcare, emerging markets.
- Notable Investments: BIMA, WorldRemit, Goodlife Pharmacy.
- Quona Capital
- Details: Quona Capital is a venture capital firm focused on financial inclusion and fintech investments in emerging markets.
- Investment Focus Areas: Financial inclusion, fintech, emerging markets.
- Notable Investments: Konfio, Creditas, Coins.ph.
- Khosla Impact
- Details: Khosla Impact is a venture capital firm that invests in early-stage companies with a focus on social impact.
- Investment Focus Areas: Social impact, early-stage companies, technology.
- Notable Investments: Embrace Innovations, Driptech.
What's Next for Neogrowth?
NeoGrowth stands at the cusp of significant opportunities, driven by its recent $10 million funding from MicroVest. This capital injection will enable the company to extend its financial services to a broader range of MSMEs, integrating them into the mainstream financing ecosystem. With over 150,000 customers already served and $1 billion in loans disbursed, the potential for growth is substantial.
Future fundraising efforts are likely, given the strong backing from multiple investors and the ongoing expansion plans. NeoGrowth's focus on digital payments and financial inclusion aligns with current industry trends, making it an attractive target for further investment. However, the company must navigate challenges such as regulatory compliance, competition, and the diverse needs of SMEs across India.
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