MSME Financer FinAGG Technologies Bags USD 11M Led by Blue Orchard and Tata Capital The raised funds will be deployed towards expanding its offline and online presence, enhancing global outreach, and driving product innovation
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2019-founded fintech startup FinAGG Technologies announced it had secured an investment of USD 11 million in a Series A round. The funding round was led by Blue Orchard and Tata Capital and saw participation from investors- Small Industries Development Bank of India (SIDBI) and Prime Venture Partners.
"Having the likes of BlueOrchard, who are the leaders when it comes to climate-based impact programs, will help us drive the penetration of climate insurance to our client, Tata Capital, which is one of the biggest NBFC in India, will help us scale our business operations to new heights and SIDBI, which is a development bank owned by GOI, will help us grow GST Sahay through access to cheap funds," shared Nipun Kohli, Co-founder & CEO, FinAGG Technologies.
Founded by Kohli, Praveen Kumar, and Srinivasan R, the startup aims to provide working capital solutions to MSMEs.
To date, FinAGG notes of disbursing over INR 5230+ Crores to over 85,000 MSMEs. According to the startup, around 20 per cent of these enterprises are led by women entrepreneurs, fostering annual sales growth of 22 per cent and promoting financial awareness and inclusion.
Notably, Kohli notes on team working on bringing blockchain to an industry.
The raised funds will be deployed towards expanding its offline and online presence, enhancing global outreach, and driving product innovation.