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GrowXCD Finance, a non-banking finance company (NBFC) has raised Rs 50 crore ( around $5.7 Mn) in funding from venture capital firm Lok Capital and UC Impower.
Lok Capital invested Rs 20 crore in the tech-enabled NBFC, bringing its total investment to Rs 70 crore. UC Impower, supported by Unitus Capital also invested Rs 30 crore.
GrowXCD Finance’s founder and managing director, Arjun Muralidharan, said the NBFC will use the new funds to improve its portfolio and explore untapped markets in southern India to provide credit support to MSMEs.
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"The progress and impact we have seen since the Series-A round has been commendable and has propelled us to invest further in the current round," said, Rajat Bansal, managing director of Lok Capital.
"We are a long-term, patient investor and look to support our portfolio companies through subsequent fundraises as well. Our typical holding period is five to seven years," said, Mona Kachhwaha, co-founder and partner at UC Impower.
About GrowXCD Finance
Founded in 2023 by Arjun Muralidharan and Sathishkumar Vijayan, GrowXCD Finance is an RBI-registered Non-Banking Finance Company with 35 branches in Tamil Nadu, Karnataka, and Andhra Pradesh. GrowXCD aims to boost economic growth for MSMEs and low-income households by helping them access capital.
After the new capital infusion, GrowXCD Finance's net worth has increased to Rs 110 crore. Since it started, it has built a portfolio worth Rs 130 crore. It plans to grow the portfolio to Rs 500 crore by March 2026.
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