Jaipur Based NBFC Finova Capital Raises USD 35 million
Finova Capital, a non-banking financial company (NBFC), has raised USD 35 million in Series C funding round from Sequoia Capital India and Faering Capital, along with an additional USD20 million from a clutch of other lenders. The Jaipur-based company was founded in 2016 by Mohit Sahney and Sunita Sahney. Finova Capital extends loans of around INR 3-5 lakh for up to seven years targeted typically towards micro-entrepreneurs and semi-skilled professionals who have limited access to credit from formal financing institutions. The company will deploy the funds to expand its presence and enable access to credit for the unbanked population. Finova Capital has 100 branches across Rajasthan, Madhya Pradesh, Uttar Pradesh, and Delhi. “The current credit gap for MSMEs in India is estimated at USD380 billion. Finova is playing a significant role in bridging this gap to enable and empower these businesses, which are a critical contributor to the Indian GDP and employment,” said Ishaan Mittal, Principal, Sequoia Capital India. Sequoia Capital has been an early backer of the company, having pumped USD 6 million in Series A round in 2018, followed by Series B funding round of USD 15 million, which also saw participation from Faering Capital.
Tags : News/Views NBFC Funding Jaipur Finova Capital Sequoia Capital