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Non-bank Lender BizLoan Raises Rs 35 Cr In series A Funding

Bizloan, a non-banking finance company (NBFC) that offers credit solutions to small businesses, has raised Rs 35 crore in its Series A funding round. 

By Jitendra Das
New Update
Non-bank Lender BizLoan Raises Rs 35 Cr In series A Funding

Bizloan, a non-banking finance company (NBFC) that offers credit solutions to small businesses, has raised Rs 35 crore in its Series A funding round. 

The round was led by the Michael & Susan Dell Foundation and BLinC Invest, with Resurgent India acting as Bizloan's advisor, the company said in a statement.

The company plans to use the raised funds to expand into underserved markets, improve its loan products and invest in advanced technology to make its lending operations more efficient.

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The company aims to support over 2,500 small businesses in the next 12 months, providing capital to help them grow, especially in areas that don't have access to traditional financing.

Rahul Jain, CEO of Bizloan Private Limited, said, “The current round of investment shall help the Company enter the next phase of fast-paced growth by expanding its footprint in Bharat, and further the objective of simplifying credit for small businesses, which remain underserved, particularly in smaller towns and cities.”

“We are actively investing in technology as a driver for better operational efficiency. The pedigree of investors shall help to develop and nurture sustainable talent which in turn shall help further the vision of the Company,” he added.

Rakesh Goyal, Director, Michael & Susan Dell Foundation, said, “Supporting small businesses is crucial for economic growth, but their access to formal credit remains limited. This funding marks a crucial step forward in our mission to empower micro and nano enterprises, providing them with the capital and financial tools they need to fuel business growth, increase household incomes, and create employment opportunities."

Bizloan had earlier raised $2.77 million from Caspian Debt and other investors.

About Bizloan 

The Gurugram -based Bizloan was co-founded in 2016 by Rahul Jain, Abhishek Mishra, Girish Chawla and Vikram Diwan, it is a Non-Banking Finance Company (NBFC-Type 2) registered with the RBI, focused on providing timely and accessible financial solutions to India’s 5.5 crore MSMEs.

The company says it has made a significant impact in the MSME sector, giving out around Rs 774 crore in loans across 26 branches. So far, it claims to have supported over 3,000 entrepreneurs in important regions like Haryana, Uttar Pradesh, NCR, Karnataka and Rajasthan.

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