The non-banking financial startup Arthan Finance has raised Rs 50 crore ($6 million) from investors, including the Incofin India Progress Fund.
The money will be used by Arthan Finance to increase the amount of assets it manages, broaden its geographic reach, and purchase AI and ML-based underwriting tools.
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In small towns across Maharashtra, Odisha, Andhra Pradesh, and Telangana, Arthan Finance provides growth financing to independent nano and micro firms. With loan sums varying from Rs 2,000 to Rs 20 lakh, the company has issued over Rs 500 crore to over 20,000 borrowers.
An innovative lending technology NBFC, Arthan Finance focuses on loans for independent nano and microbusiness owners. Currently operating in tier II, III, and IV cities, the company provides expansion capital to self-employed nano and micro firms in Maharashtra, Odisha, Andhra Pradesh, and Telangana.
Arthan Finance has raised Rs 83 crore ($10 million) in total to date. The Michael & Susan Dell Foundation, angel investors, and the founders have all participated in previous investment rounds.
Kunal Mehta, Founder and Director, Arthan Finance, said: “This funding is crucial for our next phase of growth. We are committed to enhancing our technological capabilities and expanding our reach to serve more micro and small enterprises in underserved regions. Our partnership with esteemed investors such as Incofin and the Michael & Susan Dell Foundation reinforces our mission to drive financial inclusion in India,”
About Arthan Finance
Founded in 2018 by Pravash Ranjan Dash, Arthan Finance is a new-age LendingTech, endeavours to transform Small Businesses through AI & Deep Learning customized “Fit to Purpose” financial products and help them rise above.
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