Mumbai-based Neogrowth was founded in 2013 by Dhruv Khaitan and Piyush Khaitan to offer short-term collateral free business loans to vendors/channel partners (supply chain finance) of large corporates (turnover of more than INR 2.5bn) by underwriting these loans based on their digital payments data.
The company also offers unsecured loans to online/offline merchants (retail finance) that accept digital payments from retail customers. Neogrowth has a customer base of more than 13,000 spread across 21 cities in India. The average ticket size of the loans underwritten by the company is INR 1.8mn and they have a renewal rate of 70%.
Overall, the company had disbursed more than 25,000 loans worth INR 43bn till 31 Mar’19 and presently has above INR 11bn worth of assets under management.
This company is funded by Khosla Impact, Accion, Aspada Investments, Omidyar Network, IIFL Asset Management, Accion, Quona Capital
