The fintech startup FinAGG Technologies secured $11 mn in a Series A fundraising round headed by Tata Capital and BlueOrchard, which is supported by Schroders.
In the equity round, Prime Venture Partner, an existing investor, and the Small Industries Development Bank of India (SIDBI) also took part, as reported by ET.
FinAGG’s plans to use the funds for innovation in products, worldwide accessibility enhancement, and both offline and digital presence expansion.
“Rapidly becoming a premier partner to blue-chip companies in FMCG, consumer electronics, and building materials, FinAGG gains access to millions of Indian MSMEs… Together, we aspire to make substantial contributions to the economic empowerment and sustainability of MSMEs across the nation,” Mahesh Joshi, head of private equity investments, BlueOrchard Asia, said.
More than twenty of the biggest corporate houses in India rely on FinAGG’s platform. Finagg has become a major player in the lending business in a relatively short amount of time.
“Our existing partnership with FinAgg in the SME supply chain has been successful, showcasing promising traction. We value FinAgg’s tech-driven efficiency and focus on distributor finance access,” Rajiv Sabharwal, managing director and CEO, Tata Capital, said.
FinAGG is a Fin-Tech company that was founded in 2020 by Nipun Kohli and R. Srinivasan to build and finance the biggest network of distributors and retailers in India.