The tech-enabled NBFC InPrime Finserv has raised Rs 50 crore ($6.02 million) in a Series A1 funding round. Existing investors Z47, InfoEdge Ventures, and Kettleborough VC participated in the round, which was led by Pravega Ventures.
Existing investors had previously contributed $4.55 million to the Bengaluru-based business.
InPrime Finserv stated in a press release that the money raised would be utilized to expand into more remote areas.
InPrime Finserv, which was co-founded in 2021 by Sneh Thakur, Manish Raj, and Rajat Singh, focuses on catering to India’s informal prime households, which are aspirational clients with steady incomes and a strong desire for upward mobility. Small retailers, independent contractors, micro and nanobusiness owners, and people working in farming and related agribusinesses are all included in this category.
The company wants to reach about 50 locations in the upcoming year, which will put it in a position in Karnataka, Uttar Pradesh, Rajasthan, and Haryana.
InPrime says that since its launch, it has helped more than 7,500 households by lending the growing middle class almost Rs 100 crores. In order to expand and diversify its capital base, the company intends to investigate strategic co-lending partnerships.
