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Mumbai, 30 October, 2023: NeoGrowth, the MSME-focused digital lender in India, announced its financial results for the second quarter ended September 30th, 2023.
Performance Highlights of Q2 July’23 – September’23:
Mr. Arun Nayyar, Managing Director & CEO, NeoGrowth, said:
"We are proud to have achieved a significant milestone in our journey towards profitable growth. The Q2 FY24 results demonstrate our continued focus on growth and profitability. Our strong performance highlights our commitment to keeping it simple for our customers with innovative product offerings. With our strong data science and analytics capabilities, we continue to strengthen our customer selection process and risk management. We are confident of the future and will continue to power ahead by harnessing the strength of the Digital Public Infrastructure and maintaining the highest levels of governance.”
NeoGrowth currently has ~26,000 active MSME borrowers in 75+ industry segments, across 29 locations. The company has disbursed over INR 11, 000 Crore in loans and engaged with over 1,50,000 MSMEs.
NeoGrowth follows a flow-based lending model and analyses the digital financial transactions of MSMEs to assess their creditworthiness. The company leverages India’s expanding digital payments ecosystem combined with its own robust data and analytics capabilities. NeoGrowth is among the first in the industry to adopt the Account Aggregator ecosystem. The digital lender’s strong growth is driven by its holistic product suite, robust data-driven underwriting model, deep customer connect, strong data science capabilities, and analytical models across the value chain.
In December 2022, the company raised INR 300 Crore in Series D fundraise, led by the Dutch entrepreneurial development bank FMO.
