- NeoGrowth crosses Assets of Rs. 1,000 crore on 31 October, 2018
- NeoGrowth is introducing innovative loan products, forging new partnerships, investing in marketing and sales promotion activities and improving customer service levels to achieve its targets
Mumbai, November 15th, 2018: NeoGrowth Credit Pvt. Ltd., the pioneer in digital lending for SMEs in India, announced a new milestone of crossing Asset Under Management (AUM), of Rs. 1,000 crore. Further, they also announced their target to disburse business loan to the tune of Rs. 3,300 crore and cross Rs. 2,600 crore in AUM by the end of next financial year.
Speaking on this occasion, Dhruv Khaitan (DK), Founder & Chairman of NeoGrowth said, “We have an innovative business model that operates at the convergence of three ecosystems – lending, urban retail and digital payments, on a platform of technology & innovation. The market is huge and there are ample opportunities available for us. The value lies in growing the business by introducing innovative loan products, forging new partnerships for borrower acquisition, investing extensively in our marketing and sales promotion activities and further improving our customer service levels.”
Currently, NeoGrowth has a partnership with over 13,000 businesses, assisting them in their business growth and has 21 branches in various cities spread across the country. Businesses have benefitted from NeoGrowth’s unique tech & touch model, augmented by the in-house technology platform and smart analytics of the digital spends data.
“We’ve had a great journey having scaled up disbursements from Rs. 9 crores in FY 13 to Rs. 1,350 crore in FY 18. We will continue operating as per our strategy of Deeper, Wider & Newer. Also, technology infusion will be one of the key focus areas for NeoGrowth to connect further with SMEs/MSMEs”, DK further added.
NeoGrowth’s tailor made approach using digital payments helps merchants to plan their cash flows better and also boosts entrepreneurship and job creation, thereby enforcing their mission of creating a positive impact in society.
NeoGrowth is a pioneer in lending based on the underwriting of digital payments data. The Company’s proprietary technology platform offers unsecured loans to merchants who accept card or other digital payments from customers. Flexible repayment is a hallmark of the NeoGrowth business, providing customer’s small daily auto-repayment facility from card-based sales. NeoGrowth’s mission is to have a positive social impact on the financial lives of small and medium business merchants across India, more than 50% of whom are creditworthy but until now have been excluded from accessing loans based on traditional underwriting methods. NeoGrowth is backed by renowned investors, namely Omidyar Network, Aspada Investment Company, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund and Leapfrog Investments.
For more details, contact: Chetan D’Souza, NeoGrowth – m: +91 9004570005 e: firstname.lastname@example.org