NBFC Seeds Fincap raised $8.5 M Series A funding from Lok Capital and Z47
In a Series A funding round headed by Lok Capital and Matrix Partners India (now Z47), Non-Banking Financial Company (NBFC) Seeds Fincap has raised more than $8.5 million.
The money will allow Seeds Fincap to grow its branch network, improve its technology infrastructure, and increase its lending capacity, the company stated in a press release.
Plants Fincap offers customized credit products to help small and medium-sized business owners with their financial needs. The lender with its headquarters in Gurugram offers MSMEs loans with ticket sizes ranging from Rs 1 to 5 lakhs, both secured and unsecured.
In order to assess cash flows and provide loans at appropriate rates, the company uses a strict credit assessment procedure. It also uses technology to monitor risk and reduce operating costs.
Seeds Fincap was founded in 2021 by Subhash Acharya and Avishek Sarkar. Since then, it has expanded to establish 90 branches throughout 8 states, with a particular emphasis on Uttar Pradesh, Bihar, Rajasthan, and Haryana. According to Seeds Fincap, in just three years, it has extended its loan book to over Rs 330 crore, served over 50,000 customers, and disbursed over Rs 600 crore in loans.
Together with more than 35 lending partners, such as AU Small Finance Bank, Tata Capital, IDFC Bank, Yes Bank, and Vivriti Capital, the NBFC has also established a diverse liability base.
The Indian division of venture capital firm Matrix Partners was renamed as Z47 last month. With offices in Boston and San Francisco, Matrix, an early-stage venture capital fund, will continue to manage the fund’s US operations.
