NBFC Bizloan raises Rs 35 crore in Series A round
Bizloan aims to empower more than 2,500 micro and nano enterprises in the next 12 months with the capital they need to grow, particularly in regions with limited access to traditional financing options.
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05:41 PM IST
Bizloan, a non-banking finance company (NBFC), has raised Rs 35 crore in a Series A round of funding, the company said in a statement today. The investment round was led by the Michael & Susan Dell Foundation and BLinC Invest.
"This funding will enable Bizloan to expand its reach in underserved markets, enhance its suite of loan products, and invest in cutting-edge technology to streamline its lending operations," the company said.
Commenting on the investment, Amit Ratanpal, founder and managing director of BLinC said, "Indian Tier II and Tier III cities are witnessing a high growth rate and increasing urbanisation, creating a high need for micro-entrepreneurs to expand their business- resulting in a monumental credit gap. Our partnership with the Bizloan Team aims to support these entrepreneurs in powering the Bharat growth engine with their technology-focused and innovative underwriting approach."
"Supporting small businesses is crucial for economic growth, but their access to formal credit remains limited. This funding marks a crucial step forward in our mission to empower micro and nano enterprises, providing them with the capital and financial tools they need to fuel business growth, increase household incomes, and create employment opportunities," said Rakesh Goyal, director, Michael & Susan Dell Foundation.
Bizloan aims to empower more than 2,500 micro and nano enterprises in the next 12 months with the capital they need to grow, particularly in regions with limited access to traditional financing options. Bizloan claims to have disbursed around Rs 774 crore in loans across 26 branches. To date, Bizloan has provided financial support to more than 3,000 entrepreneurs in key regions, including Haryana, Uttar Pradesh, NCR, Karnataka, and Rajasthan.
In the startup space today, OYO-owned Innov8 raised Rs 110 crore from investors at Rs 1,000 crore valuation to expand co-working business. Another startup in the healthtech space MedMitra AI also raised a pre-seed funding round.
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