GrowXCD Finance focusing on MSMEs raises Rs 50 crore from Lok Capital

November 27, 2023

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GrowXCD Finance focusing on MSMEs raises Rs 50 crore from Lok Capital

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Chennai-based fintech startup GrowXCD Finance has raised Rs 50 crore in a Series A funding round led by Lok Capital, a firm known for its diverse investments in financial services and healthtech sectors. Of the total funding, the first tranche of Rs 30 crore has been closed, according to reports.

What is the purpose of fundraising?

GrowXCD Finance plans to utilize this investment to establish its initial team, develop new technologies, and expand its operations over the next 12-18 months. The startup also aims to enhance its reach and capabilities, particularly in tier-2 and tier-3 locations.

“This investment and partnership will provide the launch pad for GrowXCD to build a robust organisation which will serve the mission to accelerate the economic development of MSMEs and low-income households in the rural and semi-urban locations,” said GrowXCD CEO Arjun Muralidharan.

What does GrowXCD do?

Founded in 2022 by Arjun Muralidharan, a veteran in MSME lending, GrowXCD Finance focuses on serving micro, small, and medium enterprises (MSMEs). The startup addresses the credit gap faced by these businesses, especially in rural and semi-urban areas.

GrowXCD, which received its non-banking financial company licence from the Reserve Bank of India in April, currently operates 10 branches across Tamil Nadu.

What’s unique about GrowXCD?

GrowXCD said it aims to revolutionize access to finance through technology. The startup offers unique products like small business mortgage loans (GrowSubham) and short-term unsecured loans (GrowVyapaar), catering primarily to low-income households and sectors with minimal credit history.

“We have known Arjun for many years and are delighted to partner with him to build a leading financial institution from the ground up. We understand the MSME lending space in the country well, and believe that together we have the opportunity to create a differentiated business in the secured MSME space,” said Venky Natarajan, managing partner, Lok Capital.

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Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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GrowXCD Finance focusing on MSMEs raises Rs 50 crore from Lok Capital

November 27, 2023

GrowXCD Finance focusing on MSMEs raises Rs 50 crore from Lok Capital

All News General

Chennai-based fintech startup GrowXCD Finance has raised Rs 50 crore in a Series A funding round led by Lok Capital, a firm known for its diverse investments in financial services and healthtech sectors. Of the total funding, the first tranche of Rs 30 crore has been closed, according to reports.

What is the purpose of fundraising?

GrowXCD Finance plans to utilize this investment to establish its initial team, develop new technologies, and expand its operations over the next 12-18 months. The startup also aims to enhance its reach and capabilities, particularly in tier-2 and tier-3 locations.

“This investment and partnership will provide the launch pad for GrowXCD to build a robust organisation which will serve the mission to accelerate the economic development of MSMEs and low-income households in the rural and semi-urban locations,” said GrowXCD CEO Arjun Muralidharan.

What does GrowXCD do?

Founded in 2022 by Arjun Muralidharan, a veteran in MSME lending, GrowXCD Finance focuses on serving micro, small, and medium enterprises (MSMEs). The startup addresses the credit gap faced by these businesses, especially in rural and semi-urban areas.

GrowXCD, which received its non-banking financial company licence from the Reserve Bank of India in April, currently operates 10 branches across Tamil Nadu.

What’s unique about GrowXCD?

GrowXCD said it aims to revolutionize access to finance through technology. The startup offers unique products like small business mortgage loans (GrowSubham) and short-term unsecured loans (GrowVyapaar), catering primarily to low-income households and sectors with minimal credit history.

“We have known Arjun for many years and are delighted to partner with him to build a leading financial institution from the ground up. We understand the MSME lending space in the country well, and believe that together we have the opportunity to create a differentiated business in the secured MSME space,” said Venky Natarajan, managing partner, Lok Capital.

Join our new WhatsApp Channel for the latest startup news updates

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

US, UK, and 16 other countries pledge to make AI ‘secure by design’

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GrowXCD Bags INR 50 Cr Funding To Provide Credit To MSMEs, Low-Income Households

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