MSME Lender Arthan Finance Raises Rs 50 Crore In Series B Round

ENA MSME 2024-06-10 17:29:51 Mumbai, Jun 10 (KNN) Arthan Finance, a non-banking financial company (NBFC) based in Mumbai, has successfully raised Rs 50 crore (approximately USD 5.98 million) in a Series B funding round led by Incofin India Progress Fund. The round also witnessed participation from the Michael & Susan Dell Foundation, a prominent investor in Indian startups such as Kaleidofin, OnlineTyari, and ConveGenius. The fresh capital infusion will be utilised by Arthan Finance to facilitate the growth of its assets under management and expand its footprint across India. Founded in 2018 by Kunal Mehta, Pravash Dash, and Gowrisankar rao Alamanda, the fintech start-up specialises in providing loans to self-employed nano and micro entrepreneurs in tier II, III, and IV cities across Maharashtra, Odisha, Andhra Pradesh, and Telangana. Arthan Finance claims to have disbursed loans worth Rs 500 crore to more than 20,000 borrowers, with loan sizes ranging from Rs 2,000 to Rs 20 lakh. While the company's valuation after this deal remains undisclosed, Kunal Mehta, one of the founders, revealed that Arthan Finance currently has assets under management (AUM) of Rs 130 crore. A portion of the fresh proceeds will be invested in artificial intelligence and machine learning-based underwriting systems, enabling the company to enhance its credit risk assessment capabilities, tailor financial solutions for the unorganised sector, and streamline operations. This funding is crucial for our next phase of growth, stated Kunal Mehta. He added, 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, Mehta highlighted. To date, Arthan Finance has raised Rs 83 crore in equity investments, backed by founders, angel investors such as Sunil Gulati and Ajit Ranade, and the Michael and Susan Dell Foundation. Additionally, the company has secured over Rs 300 crore in debt from more than 17 lenders. (KNN Bureau) 38147 https://knnindia.co.in/news/newsdetails/msme/msme-lender-arthan-finance-raises-rs-50-crore-in-series-b-round 2024-06-10 17:29:51 knnindia.co.in MSME Lender Arthan Finance Raises Rs 50 Crore In Series B Round