Micro Lending Platform SMECorner raises $7 Mn Funding from Capital First
Digital Micro-Lending Platform SMECorner has raised around $7 million ( Rs. 47.5 crores) from NBFC Capital First Ltd and a clutch of investors including Accion Ventures.
The capital raised is a mix of debt and equity with 25 crores in debt and Rs. 22.5 crore in equity. Post the investment, Capital First will own a 14.2% stake in SMECorner.
As informed by the NBFC in its stock exchange filing, the deal is aimed at sealing a partnership with Digikredit for loan orientation. It is backed by Singapore sovereign wealth fund GIC and private equity firm Warburg Pincus.
SMECorner which helps SME's to access loans from banks will be using the capital to scale its loan book by expanding to offline branches and honing its platform.
Samir Bhatia, founder and chief executive at SM...