MSME | Pixr8 News

20Jul By PriyankaNo Comments

INDIA

Indian MSMEs on Amazon crossed $2 billion in Global Selling

American E-commerce giant Amazon's Indian subsidiary said Indian micro, small and medium enterprises (MSMEs) and brands that are part of its Global Selling Programme (GSP) have crossed $2 billion in cumulative exports. The company, which had started GSP in 2015, allows Indian companies to export to other countries through 15 Amazon websites globally. The program had started with a few hundred sellers and now has over 60,000 exporters. In January this year, Amazon had pledged to enable $10 billion in cumulative exports by 2025. Amit Agarwal, senior VP and country head Amazon India, said, micro, small and medium enterprises (MSMEs) are the backbone of the Indian economy and by digitizing them, the company is contributing towards boosting exports and job creation that will empower in...

11Nov By AdityaNo Comments

FUNDING

Fintech Firm Svasti Raises USD 10 mn

11th Nov, 2019: Svasti Microfinance has raised a funding of USD 10 million (about Rs 71 crore) for expansion of branch network and increasing MSME financing. Till date, Svasti has raised a total capital of USD 17 million. The capital was raised from Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group, the Mumbai-based company said in a release. "Apart from expanding its branch network, Svasti will use the capital raised to expand and increase its MSME loan portfolio and provide other financial services, such as consumer finance and insurance, in partnership with other leading institutions," the release said. A portion of the funds raised in the current round is being used to provide full exits to Michael and Susan Dell Foundation and Bamboo Financial In...

MSME Lender Aye Finance raises $10 Million

27Jul By AnkitaNo Comments

FUNDING

MSME Lender Aye Finance raises $10 Million

Digital money lending startup, Aye Finance has raised USD 10 million in debt funding from Triple Jump BV and MicroVest Funds, through the issuance of non-convertible debentures. This is the 10th financing round for Aye Finance in the year 2018, the company informed in a statement. Since January, it has cumulatively raised ₹255 crore of debt. The Gurugram-headquartered company, founded in 2014 claims to have disbursed ₹ 850 crore worth loans and catered to 60,000 micro enterprises since inception. With the recent funds raised, the company is gearing up to bolster its lending portfolio and offer affordable business loans to a larger number of microenterprises in India. MD and founder of Aye Finance, Sanjay Sharma mentioned “At Aye, we use various data science methods which are...

31May By AdityaNo Comments

FUNDING

CredRight Raises Rs 9 Crore Pre-Series A Funding

Hyderabad-based fintech startup CredRight raises 9 Crore from Accion Venture Lab, YourNest, an early stage venture capital fund along with other individual investors. Lending platform CredRight provides a loan to unserved and underserved micro, small, and medium enterprises (MSMEs). The company partners with chit funds, which are similar to Rotating Savings and Credit Association (ROSCAs) in the United States but use a reverse auction to distribute pooled funds across India to acquire customers and use previously untapped chit data, along with other data points, to underwrite a loan for a customer. "CredRight plans to further invest in technology, grow its team, and continue its expansion plans to reach even more unserved and underserved customers," said Neeraj Bansal, co-founder an...

Paymate Acquires Lending Platform to Help SMEs

15May By NitishNo Comments

ACQUISITION

Paymate Acquires Lending Platform to Help SMEs

Mumbai- India’s payment startup PayMate announced the acquisition of Z2P (Zaitech Technology Pvt. Ltd.), a digital lending platform which provides hassle-free and real-time credit using social and banking data along with proprietary analytics and AI. The acquisition is expected to be completed by May 2018 and it follows the announcement in February of this year by PayMate of its B2B partnership agreement with Visa. As a result of the acquisition, PayMate acquires an innovative and proven lending solution in Z2P, which when combined with PayMate’s proprietary B2B payments platform will revolutionize the way businesses manage their payment operations, cash flow, and access to growth capital. PayMate plans to partner with banks and NBFCs to improve the flow of credit to SMEs. According to ...

15May By NitishNo Comments

FUNDING

Lending Firm Raises 30 Crore Debt Funding From SBI

Gurugram based fintech platform Aye Finance raises another Rs. 30 crores debt funding from India's leading public sector bank State Bank of India (SBI). Earlier Aye Finance raises Rs 30 crores as debt financing from BlueOrchard Finance Ltd. Also, this is the second time that the SBI has extended a debt facility to Aye to lend more money to micro and small-scale enterprise financing in India. Aye finance is equity funded by three marque investors Accion, SAIF Partners, and LGT. The lending firm is looking to raise additional USD 20-25million by the end of the current quarter. Aye presently provides its service to over 10 states and boasts 72 branches in India so far. In the FY 17-18, it provided over 40,000 loans which were largely thanks to the customization of their pro...

13Apr By Sheldan RungasamyNo Comments

FUNDING

FinTech Firm Aye Finance Raises Funding

Aye Finance, the FinTech platform based in Gurugram raised a funding round of Rs 30 crores as debt financing from BlueOrchard Finance Ltd, an impact investor based it Switzerland. The funds raised will serve the purpose of diversifying the lending portfolio of Aye Finance which will allow it to reach out to the large pool of micro, small and medium-sized enterprise (MSME) in India. Aye presently provides its service to over 10 states and boasts 72 branches in India so far. In the FY 17-18, it provided over 40,000 loans which were largely thanks to the customization of their products to meet the micro entrepreneur’s needs and provide them products at their own conditions. We are going to utilise the latest infusion of funds to increase our reach to bring the "missing middle" into the fo...

2Apr By Sheldan RungasamyNo Comments

FUNDING

Veritas Finance Receives 23 crore funding from Belgium Firm

Veritas Finance, a Non-Banking Financial Company (NBFC) based in Chennai received Rs 23 Crore as in debt financing from Incofin Investment Management which is a fund manager company based in Belgium. The NBFC first allotted 230 Non-Convertible Debentures (NCDs) worth Rs 10 lakhs each on March 26, 2018. So far, Veritas Finance raised over Rs 268.8 Crore from a group of investors that include CDC Group, Swiss Fund, AAV Sarl and Lok Capital in equity and debt financing. Incofin Investment Management is a company that manages funds and investments in developing countries motivated in promoting inclusive progress. The company relies on investors that include leading development funds, banks, insurance companies, pension funds, high net worth and retail investors. The firm is famous for in...

27Mar By AdityaNo Comments

FUNDING

Fintech Startup CashSuvidha Raises $1 Million Funding

Indian Fintech startup Cash Suvidha raises $1 million pre-Series A funding from the set of investors including Initia Holdings Ltd, Vipin Agarwal, Partner in India Industrial Growth Fund and others. The new funding round will use to facilitate further lending to SMEs, MSME, individuals and improve the technology infrastructure. Cashsuvidha is targeting users from Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan locations to maximize borrowers. According to the company, which registered as a Usha Financial Services receives around 15,000 loan applications per month and disburses loans within two working days. The Delhi based company has raised total $5.2 million debt funding and distributed Rs 152 crore. As per the data, Cashsuvidha 80% loan goes to SME sector. ...

How Loan Frame Funding For Business Boosting MSME Sector in India

10Jun By AnkitaNo Comments

News

How Loan Frame Funding For Business Boosting MSME Sector in India

Micro, small and medium enterprises have a vital role in providing employment opportunities in India. The MSME sector also has a relatively lower capital cost compared to large industries. They also help in the development and industrialisation of rural areas. However, one major challenge that the sector faces at present is the non-availability of fast business loans and loans for UK companies.. Despite the difficulty of funding for business, MSMEs have been flourishing in recent years. The Indian economy is expected to become one of the leading economies in the world. Experts have estimated that the by 2025, the economy will hit the $5 trillion mark. And the backbone of the economy is the MSME sector. Challenges that the MSME Sector Faces MSME sector provides job opportunities,...

Alok Mittal Led Indifi Raises $10m From Omidyar, Existing Investors

13Dec By NitishNo Comments

FUNDING

Alok Mittal Led Indifi Raises $10m From Omidyar, Existing Investors

Indifi Technologies, an enabler of micro, small, and medium enterprises (MSME) financing, has raised USD 10 million in a Series B investment round led by philanthropic investment firm Omidyar Network, established by the founder of eBay, Pierre Omidyar. Existing investors Accel Partners and Elevar Equity also participated in the round. Indifi Technologies, while maintaining its focus on MSME businesses, intends to direct the investments towards furthering its products and technology, it said in a statement today. "Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, e-commerce, retail, and hotel segments. The capital raised in this series will be targeted toward improving our offerings in these verticals," said Alok Mitt...

Banks Should Provide Hassle-Free Services to Start-Ups in J&K’

9May By Press Trust of IndiaNo Comments

INDIA

Banks Should Provide Hassle-Free Services to Start-Ups in J&K’

The banking sector in Jammu and Kashmir should create entrepreneurship culture in the state by providing hassle-free services to start-ups, Union minister Kalraj Mishra said. Speaking at a daylong workshop on Prime Minister's Employment Generation Programme (PMEGP), the Minister for Micro, Small and Medium Enterprises (MSME) said banks should be customer-friendly by providing hassle-free services to entrepreneurs on priority basis. "Banks should not add to their (entrepreneurs) worries. They should be given free hand in choosing their trades. The financial institutions should professionally perform their job, but dispose of cases on priority. You should be customer-friendly and create entrepreneurship culture by providing hassle-free services to the start-ups," Mishra said. The...