Infinity Fincorp Solutions Secures USD 26 Mn Led by Jungle Ventures The Mumbai-based platform hopes to double its loan book to INR 1,300 crore by March 2025 with the help of its present fundraising efforts and business momentum.
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Non-Banking Financial Company Infinity Fincorp Solutions Pvt Ltd has announced an equity fundraise of USD 26 million led by Jungle Ventures with participation from Magnifico (a high-net-worth individual investor group).
According to the platform, the current fund raise will be a robust enabler for accessing loan facilities for micro, small, and medium enterprises (MSME) and microentrepreneurs.
Indium IV (Mauritius) Holdings Limited (advised by True North), which has a majority stake in Infinity, will continue to have a controlling stake in the NBFC.
Shrikant Ravalkar, Founder, MD and CEO of Infinity, said, "This capital infusion will allow us to invest in our distribution and footprint, accelerating our mission of extending easy credit to MSME businesses across the country."
Launched in 2016 by Shrikant Ravalkar, Infinity specialises in tailored property loans designed specifically for the MSME segment in India.
The platform claims to have a presence across 88 branches spanning 8 states and a workforce of approximately 950 employees. It lends to micro-entrepreneurs like tea shop owners, vegetable vendors, small machine enterprises, restaurants, provision stores, textile shops, electricians, plumbers, carpenters, milkmen, laundry service providers, hairdressers, and financially underserved small-scale manufacturers.
Currently, it has 20,000 live loan accounts (approximately 50,000+ customers) with an average loan size of INR 4.00 lakhs.
The company hopes to quadruple its loan book to INR 1,300 crore by March 2025 with the help of its present fundraising efforts and business momentum.
"Micro-enterprises comprise over 95% of all businesses in India, yet they face a significant formal credit gap exceeding $500 billion. Infinity Fincorp is addressing this gap with its asset-backed financing solution, simultaneously fostering sustainable business growth. Infinity's loans not only aid entrepreneurs in meeting their working capital requirements but also facilitate business expansion and job creation in the most remote areas of India," said Arpit Beri, Partner, India Investments, Jungle Ventures.
Bengaluru-based Unitus Capital acted as the exclusive financial transaction advisor to Infinity, while Samvad Partners acted as a legal advisor to Infinity Fincorp, and Shardul Amarchand Mangaldas acted as a legal advisor to Jungle Ventures.
