Mumbai: Micro and small business lending company Earthan Finance on Monday announced raising Rs 50 crore from Incofin India Progress Fund and Michael & Susan Dell Foundation.
The fresh funding from Incofin and Foundation, a returning investor, will fuel the company's expansion and technological advancements, according to a statement.
The company, which specializes in lending to self-employed nano and micro entrepreneurs, has disbursed over Rs 500 crore to 20,000 borrowers in Maharashtra, Odisha, Andhra Pradesh and Telangana with loan amounts ranging from Rs 2,000 to Rs 20 lakh. Has been distributed.
The statement said the funding will help Arthan Finance grow its assets under management (AUM), expand geographic footprint and invest in advanced AI and ML-based underwriting systems.
It has raised Rs 83 crore so far, and previous funders include the Michael & Susan Dell Foundation besides founders and angel investors.
Its founder and director Kunal Mehta described the funding as important for the company's next phase of growth.
“Arthaan has tremendous potential to demonstrate how social impact can be scaled through a remarkable blend of technology and inclusive financial services,” said Aditya Bhandari, Partner at Incofin.
The fresh funding from Incofin and Foundation, a returning investor, will fuel the company's expansion and technological advancements, according to a statement.
The company, which specializes in lending to self-employed nano and micro entrepreneurs, has disbursed over Rs 500 crore to 20,000 borrowers in Maharashtra, Odisha, Andhra Pradesh and Telangana with loan amounts ranging from Rs 2,000 to Rs 20 lakh. Has been distributed.
The statement said the funding will help Arthan Finance grow its assets under management (AUM), expand geographic footprint and invest in advanced AI and ML-based underwriting systems.
It has raised Rs 83 crore so far, and previous funders include the Michael & Susan Dell Foundation besides founders and angel investors.
Its founder and director Kunal Mehta described the funding as important for the company's next phase of growth.
“Arthaan has tremendous potential to demonstrate how social impact can be scaled through a remarkable blend of technology and inclusive financial services,” said Aditya Bhandari, Partner at Incofin.
