Founded in 2012 by Dhruv Khaitan and Piyush Khaitan, NeoGrowth is a non-banking financial company offering cash advance loans to small and medium businesses in India.
Rather then relying on traditional credit scoring, which many small to medium businesses in India lack, NeoGrowth analyzes data from point-of-sale data for customer turnover.The digitally underwritten loans are unsecured and borrowers can set up automatic payment schedules..
In March of 2014 NeoGrowth announced $1.62 million raised from Aspada Investment Company.
Announced in August of 2015, NeoGrowth raised $7 million in funding. The round was led by Khosla Impact with participation from Omidyar Network, Aspada Investment Company and Frontier Investments Group. NeoGrowth committed the funds to improving underwriting scorecards, more-fully automating loan approval and building a fully-integrated marketing and lead-generation engine.
Announced in July 2016, NeoGrowth raised $35 million in funding. IIFL Asset Management led the round with Accion Frontier Inclusion Fund, managed by Quona Capital. The round included participation from Omidyar Network, Aspada Investments and Khosla Impact.
The round, announced in January 2018, raised $47 million for NeoGrowth. LeapFrog Investments led the round with participation from Aspada Investments and Quona Capital.
NeoGrowth announced $17 million in debt financing from France's Proparco SA in September 2019.
Chief Executive Officer
B. Ravi Kumar
Chief Financial Officer & Company Secretary
G K Shettigar
Senior Vice President, Treasury
Senior Vice President, Risk and Credit Policy
Senior Vice President, Collections