Investors like Incofin India Progress Fund and the Michael and Susan Dell Foundation have contributed Rs 50 crore ($6 million) to the non-banking financial company (NBFC) Arthan Finance.
Arthan Finance has raised $10 million, or Rs 83 crore, so far. The founders, angel investors, and the Michael & Susan Dell Foundation have all participated in previous funding rounds.
The money raised will support both the company’s technological advancement and growth. In a press release, Arthan Finance stated that this will also enable it to invest in cutting-edge AI and ML-based underwriting systems, increase its geographic reach, and grow its Assets Under Management (AUM).
Arthan Finance is a new age lending tech NBFC founded by Kunal Mehta that specializes in loans for independent nano and micro entrepreneurs. Currently operating in tier II, III, and IV cities, the company provides growth capital to self-employed nano and micro enterprises in Maharashtra, Odisha, Andhra Pradesh, and Telangana.
With loans ranging from Rs 2,000 to Rs 20 lakhs, the company claims to have disbursed over Rs 500 crore to over 20,000 borrowers.
