MSME-focused Finova Capital secures $65 M to expand its financial services
Finova Capital, an MSME-focused NBFC (non-banking financial company) based in Jaipur, has raised $65 million in funding from Norwest Venture Partners, Maj Invest, and Faering Capital.
According to a company, the funds will be used to extend its loan book, invest in technology, expand regionally, and promote its ambition of enabling financial inclusion at scale. With a $45 million investment, Norwest took the lead in the round.
Unitus Capital, based in Bengaluru, served as Finova’s exclusive financial transaction advisor.
“We are thrilled to have marquee investors like Norwest and Maj show their faith in what we are building at Finova along with existing investors Sequoia and Faering Capital,”Mohit Sahney, founder and CEO of Finova.
Finova claims to have built an in-house tech stack centered on its consumer segment and internal subject expertise, which it claims will let the firm target unique and untapped customer profiles. It will also leverage its proprietary underwriting and risk assessment methods.