GrowXCD Finance, a fintech startup, has closed the first tranche of its Rs 30 crore Series A funding round, which was led by Lok Capital and raised Rs 50 crore ($6 million).
GrowXCD Finance stated in a press release that the funds will be used to establish its first team, develop technologies, and increase its footprint over the course of the following 12 to 18 months.
GrowXCD, which Muralidharan founded in 2022, addresses the credit gap for micro, small, and medium-sized businesses, especially those located outside of urban areas. The Chennai-based business claims that the Reserve Bank of India granted it a non-banking financial company license in April. With its first location in Thiruvannamalai, it purports to run ten branches throughout Tamil Nadu.
The company wants to increase people in tier-2 and tier-3 locations’ access to financing by utilizing technology in previously untested ways.
Fintech, agritech, health tech, and climate tech are all areas in which Lok Capital makes investments. Investments have been made in businesses by Fincap, MoneyView, Aquaconnect, and SuperBottoms.
