SUMMARY
Founded by entrepreneur and the cofounder of listed traveltech major EaseMyTrip, Prashant Pitti, Optimo raised the Seed funding led by Blume and Omnivore
Optimo plans to use the fresh funds to expand its operations, enhance technology, recruit new talents, and broaden its presence to 20 locations in rural India
The startup said that it is building a co-lending platform for MSMEs with a “unique” underwriting method to gain deeper insights into the financial health of MSMEs
MSME lendingtech platform Optimo Loan has raised $10 Mn (around INR 83 Cr) as a part of its seed funding round co-led by Blume and Omnivore, with an additional infusion from its cofounder Prashant Pitti.
The fresh funds will support the startup to expand its MSME lending portfolio in rural India by tapping technology and a phygital distribution model. It also plans to deploy the fresh proceeds to expand its operations, enhance technology, recruit new talents and broaden its presence to 20 locations in rural India by the end of this year.
Optimo, launched by traveltech major EaseMyTrip’s cofounder Pitti, aims to create a positive social impact and foster financial inclusion in the small business community.
The startup claims to be building a co-lending platform for MSMEs with a “unique” underwriting method. This will allow it to gain deeper insights into the financial health of MSMEs and enable informed lending decisions, which will catalyse entrepreneurship and economic growth in rural communities, said a statement.
Bengaluru-based Optimo said that it supports businesses through its finance solutions for backing new technologies, increasing liquidity and ensuring business continuity. By empowering businesses to expand and flourish, the startup claims to actively contribute to local job creation, economic growth and community development.
“Optimo lending operations commenced in November 2023, and we are scaling swiftly yet prudently. Our top management team comprises individuals with extensive experience of 10-15 years in MSME lending,” said Pitti.
In July last year, Pilli hinted about his new venture on X, saying, “Have been thinking to start something impactful at grassroot level (and run it alongside EaseMyTrip). Finally, starting a co-lending platform (and NBFC), to serve the highly underserved MSME market, by offering collateral-free business loan in rural India.”
“We believe in Optimo’s mission to democratise access to finance for MSMEs in rural India, especially considering their significant contribution of 29% to GDP. To achieve the ambitious goal of elevating this contribution from 4 to 15 Tn over the next 15-20 years, it’s imperative to explore more effective collaboration avenues. Prashant’s rich expertise and network will be invaluable in navigating towards this mission,” said Ashish Fafadia, partner at Blume Ventures.
In the MSME lending space, Optimo competes against the likes of indifi and FlexiLoans, among others.
