NeoGrowth

NeoGrowth

NeoGrowth is an India-based digital lending platform focused on lending to small and medium business.

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.

Loans

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..

Funding

Venture

In March of 2014 NeoGrowth announced $1.62 million raised from Aspada Investment Company.

Series C

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.

Equity

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.

Venture

The round, announced in January 2018, raised $47 million for NeoGrowth. LeapFrog Investments led the round with participation from Aspada Investments and Quona Capital.

Debt Financing

NeoGrowth announced $17 million in debt financing from France's Proparco SA in September 2019.

Timeline

September 13, 2019

NeoGrowth raises a $17,000,000 venture round from PROPARCO.

January 2018

NeoGrowth raises a $47,000,000 venture round from LeapFrog Investments, Quona Capital and Aspada Investments.

July 4, 2016

NeoGrowth raises a $35,000,000 venture round from Omidyar Network, Quona Capital, Aspada Investments, IIFL and Khosla Impact.

August 4, 2015

NeoGrowth raises a $7,000,000 series C round from Omidyar Network, Quona Capital, Aspada Investments, Social Venture Partners and Khosla Impact.

March 26, 2014

NeoGrowth raises a $1,600,000 venture round from Aspada Investments.

2010

NeoGrowth was founded by Dhruv Khaitan and Piyush Khaitan.

Funding rounds

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People

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Arun Nayyar

Chief Executive Officer

B. Ravi Kumar

Chief Financial Officer & Company Secretary

G K Shettigar

Senior Vice President, Treasury

Sachin Bawari

Senior Vice President, Risk and Credit Policy

Sorabh Malhotra

Senior Vice President, Collections

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References

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