White Venture Capital led the $2.5 million seed round for Finodaya Capital, a non-banking financial company (NBFC) based in Madhya Pradesh.
According to an ET report, Gemba Capital and a number of angel investors are involved in the round, which values the company at Rs 50 crore ($5.87 million) post-money.
On April 11, the Reserve Bank of India granted Finodaya its NBFC license. The company intends to offer microloans secured by real estate to microenterprises and small businesses throughout India. In order to streamline credit underwriting and disbursal, it will employ a phygital model, fusing digital technologies with a physical branch location.
Targeting micro and nano businesses, Finodaya was established by Lokendra Tomar, Abhitabh Dixit, and Neeraj Biyani—all former ICICI Bank executives—with the goal of facilitating borrowers’ transition to the official financial system and granting them access to secured credit.
By 2026, Finodaya hopes to have 15 branches in Madhya Pradesh and be disbursing loans totaling between Rs 50 and Rs 100 crore.
Formerly, the company worked with Utkarsh Small Finance Bank as a business correspondent; currently, it is looking into co-lending agreements with other financial institutions. In support of property-backed lending in India, the funding coincides with larger digitization initiatives.
