RBI-recognised non-banking financial company (NBFC) NeoGrowth raised $10 million as debt investment from US-based MicroVest Capital Management.
NeoGrowth provides tailored credit solutions to small and medium-sized businesses in over 70 different industries. The new capital will enable NeoGrowth to provide financing to small businesses while also serving as the company’s required growth capital. The news comes nearly a month after NeoGrowth received INR 300 crore in equity funding from the Dutch entrepreneurial development bank FMO and other existing investors. It claims to have distributed over $1 billion to over 1.5 million small and medium-sized businesses to date.
