NeoGrowth Targets Rs 500 Crore Raise

24 May 2024 CW Team

NeoGrowth, a prominent digital lending platform focusing on micro, small, and medium enterprises (MSMEs), is set to raise between Rs 250 crore to Rs 500 crore by the end of September. This fundraising initiative is part of the company's strategy to bolster its capital adequacy ratio and support its ambitious growth targets. As of now, NeoGrowth has secured close to Rs 700 crore of capital, positioning it strongly for future expansions . The company has demonstrated a robust financial performance, with a reported gross revenue of Rs 601 crore in FY24, marking a 57% increase from the previous year. This growth is attributed to better asset quality and rising assets under management (AUM), which have significantly aided the company's profitability in recent quarters . NeoGrowth's strategic focus remains on doubling its AUM to Rs 4,000 crore by March 2025. This target reflects the company's recovery trajectory post the adverse impacts of the COVID-19 pandemic, which had severely affected its disbursements during the initial lockdowns. However, following the easing of restrictions, the company's disbursements surged, highlighting a resilient recovery and a strong demand for credit among small businesses . The planned capital raise is expected to further improve NeoGrowth's financial health, enhancing its ability to lend and expand. The company's approach to lending, which emphasizes digital transactions over traditional credit assessments, positions it uniquely in the fintech sector. This method allows for a more inclusive lending strategy, catering to businesses that might not have access to formal credit channels . As NeoGrowth continues to grow, its focus on creating a positive social impact and supporting the underserved SME sector remains central to its business model. The company's efforts to expand its reach and enhance its service offerings are likely to drive significant growth, benefiting both the company and its customers in the evolving digital finance landscape.

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