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- Neogrowth
Neogrowth Funding, Investors & Competitors
Neogrowth has raised $136M across 6 funding rounds, most recently a $9M undisclosed-stage round in October 2026.
Last Neogrowth funding round
$9M
Undisclosed stage · Oct 2026
Cumulative funding Neogrowth raised
$136M
across 6 funding rounds
Key investors in Neogrowth
Quona Capital
LeapFrog Investments
Khosla Impact
Flourish Ventures
Omidyar Network India
FMO
Omidyar Network
Lightrock
About Neogrowth
Neogrowth is a Mumbai-based non-banking financial company delivering loans to small businesses in India's retail sector. It finances merchants selling apparel, consumer durables, electronics, footwear, handicrafts, and optical goods, alongside services like restaurants, beauty salons, gyms, hotels, and diagnostic centers. Established in 2011, Neogrowth uses digital underwriting to provide quick credit to consumer-facing micro-enterprises across urban and semi-urban regions.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Neogrowth Funding History
Neogrowth has raised a total of $136M across 6 funding rounds.
Neogrowth's first fundraising round was a $2M seed round in March 2014. The most recent completed round was a $9M undisclosed-stage round in October 2026.
Neogrowth funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2026 | Undisclosed stage | FMO (lead); LeapFrog Investments (lead) | $9M | FMO, the Dutch entrepreneurial development bank, led a USD 9 million investment in NeoGrowth in October 2026, with participation from existing investor LeapFrog Investments. The company reported the funding as roughly INR 85 crore raised through a combination of equity and debt, and its chief executive told the press that the round is nearly 70 percent equity. NeoGrowth said the capital will let it grow its loan book to nearly INR 3,000 crore before it needs another equity infusion. FMO had also led the company's Series D equity round in December 2022. NeoGrowth is a Reserve Bank of India registered middle-layer non-banking financial company based in Mumbai that lends to micro, small and medium enterprises across India. It has lent to small businesses since 2013, using data-led underwriting to offer collateral-free working capital loans through products such as NeoCash and supply chain finance. The company reports assets under management of nearly INR 2,000 crore, cumulative disbursements above INR 16,000 crore and a presence in 46 locations. For the year to March 2024 it reported gross revenue of INR 601 crore and profit before tax of INR 95 crore. |
| Dec 2022 | Series D | FMO (lead); Omidyar Network India; WestBridge Capital; LeapFrog Investments; Khosla Impact; Lightrock; IIFL Seed Ventures; Quona Capital | $36M | NeoGrowth is a Mumbai-based fintech digital lender focused on MSMEs, providing collateral-free loans to first-time entrepreneurs, women business owners, and underserved small businesses across 70 segments in 25 locations, using digital transactions and cash flow underwriting. The company raised Rs 300 crore ($36.2 million) in its Series D equity round in December 2022, led by FMO with Rs 160 crore ($19.2 million), and participation from existing investors including Omidyar Network India, Lightrock, Khosla Impact, LeapFrog Investments, IIFL Seed Ventures, Quona Capital, and WestBridge Capital. Funds are earmarked for geographical expansion, market consolidation, product development, on-lending, and innovation in digital products like the Accelerator term loan up to Rs 25 lakhs. At the time of the round, NeoGrowth reported Rs 1,600 crore in assets under management (AUM), having connected with over 1.5 lakh MSMEs and disbursed over $1 billion in loans since inception. The company had achieved profitability for four consecutive quarters prior to the raise, attributing this to its data-driven underwriting, strong customer connections, and analytics across the value chain. Its annual report for FY 2022-23 (ending March 2023) showed AUM growing to Rs 1,852 crore, total income of Rs 383 crore, and net profit before tax of Rs 24 crore, with net worth at Rs 593 crore and a debt/equity ratio of 2.31. NeoGrowth, founded a decade prior by Dhruv Khaitan and Piyush Khaitan, has been a debt client of FMO since 2017 and secured additional $20 million via ECB from DFC in November 2022. FMO highlighted NeoGrowth's role in financial inclusion for underserved MSMEs lacking formal credit history, aligning with its focus on reducing inequalities in India. The equity raise strengthened capital position, supporting a 10-year AUM CAGR of 123%, with key metrics like 32.7% capital to risk-weighted asset ratio, 1.1% return on assets, and 2.2% net NPA as of FY23. |
| Jan 2018 | Undisclosed stage | LeapFrog Investments (lead); Flourish Ventures; Quona Capital | $47M | NeoGrowth is an India-based digital lending platform that provides loans to small businesses and merchants by analyzing daily digital payment sales data to assess creditworthiness and underwrite loans. The platform serves both online sellers and in-person retailers, offering loan amounts ranging from Rs 200,000 to Rs 1.5 million with flexible tenure options. In January 2018, NeoGrowth secured Rs 300 Crores ($47 million) in an equity financing round led by LeapFrog Investments, with participation from existing investors Aspada Investment Company and Quona Capital. Following the round, LeapFrog partner Michael Fernandes joined NeoGrowth's board of directors. The company stated it would use the proceeds to expand its lending services deeper into India's largest cities and other urban areas, increasing its loan book and geographic presence. NeoGrowth positioned itself as a provider of financing solutions for the rapidly expanding SME merchant segment in India's growing digital lending space, addressing the gap for businesses that lack access to traditional banking channels. |
| Jul 2016 | Series C | IIFL Finance (lead); Quona Capital (lead); Omidyar Network India; Flourish Ventures; Khosla Impact | $35M | NeoGrowth is a fintech lender providing retail and supply chain finance to underserved merchants and women entrepreneurs in India, emphasizing digital payments and flexible repayment models. The company participated in a VC funding round around April 2016 led by IIFL Finance and Quona Capital, with participation from Flourish Ventures, Khosla Impact, and Omidyar Network India. Financial traction around 2016 shows revenue from operations at Rs 48.79 crore in the prior year to FY2017, with subsequent growth: total income rose significantly over years, reaching 367.8 crore by FY20 per annual reports. NeoGrowth's annual report for 2016-17 notes revenue increase from Rs 48.79 crore to a higher figure, alongside disbursements and AUM expansion from low bases (e.g., net interest income trends starting small). Social Impact Report 2016 highlights reaching over 2,500 merchants. Later performance demonstrates strong scaling, with AUM hitting 1,340 crore by FY20 and 1,323 crore by FY21, revenue at 333 crore in FY21, and consistent CAGR of 160-162% over 8 years from 2013. The company focused on portfolio granularity, technology-led operations, and diversification amid macro challenges, targeting 2,000 crore AUM by March 2022. |
| Aug 2015 | Series C | Khosla Impact (lead); Omidyar Network; Social Venture Partners; Quona Capital | $7M | - |
| Mar 2014 | Seed | - | $2M | - |
Who has invested in Neogrowth?
12 investors have backed Neogrowth across its funding rounds, including Quona Capital, LeapFrog Investments, Khosla Impact, Flourish Ventures, Omidyar Network India and FMO.
Lead investors include FMO, LeapFrog Investments, IIFL Finance, Quona Capital and Khosla Impact.
Neogrowth Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Aug 2015 | ||
| 3 | Lead | Jan 2018 | ||
| 3 | Lead | Aug 2015 | ||
| 2 | Participant | Jul 2016 | ||
| 2 | Participant | Jul 2016 | ||
| 2 | Lead | Dec 2022 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Lead | Jul 2016 | ||
| 1 | Participant | Aug 2015 | ||
| 1 | Participant | Dec 2022 | ||
This data is available for Pro users. Sign up to see all 12 Neogrowth investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialNeogrowth Competitors
Neogrowth competitors include listed companies like Tata Capital, Muthoot Finance, L&T Finance and Credit Acceptance, and private ones like Aven and Gojo & Company.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.2B | $774M | $16B | 22.7x | ||
| Publicly listed | $2.2B | $1.4B | $12B | 5.9x | ||
| Publicly listed | $1.1B | - | $7.4B | 5.4x | ||
| Publicly listed | $2.3B | $565M | $5.4B | 5.6x | ||
| Private | $100M | - | $2.2B | 22.0x | ||
| Private | $132M | - | $894M | 6.8x |
Neogrowth Public Comps
Neogrowth is still privately-owned, but its public comps include Capital One, Bajaj Finance, Bajaj Finserv, Shriram Finance, Synchrony, Eurobank, Jio Financial Services, Cholamandalam, Tata Capital and Muthoot Finance.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $53B | - | 2.3x | 1.9x | - | - | |||
| $5.3B | $2.7B | 13.6x | 11.1x | 26.1x | 19.9x | |||
| $15B | $6B | 6.3x | 5.5x | 15.2x | 27.3x | |||
| $2.7B | $1.6B | 9.0x | 7.1x | 14.6x | 11.7x | |||
| $15B | - | 1.6x | 1.6x | - | - | |||
| $3.8B | - | 4.7x | 4.3x | - | - | |||
| $338M | $277M | 49.6x | 36.0x | 60.6x | - | |||
| $1.8B | $724M | 9.1x | 7.9x | 22.5x | 17.3x | |||
This data is available for Pro users. Sign up to see all Neogrowth competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Neogrowth
| When was Neogrowth founded? | Neogrowth was founded in 2011. |
| Where is Neogrowth headquartered? | Neogrowth is headquartered in Mumbai, India. |
| Is Neogrowth publicly listed? | No, Neogrowth is a private, VC-backed company. |
| How much funding has Neogrowth raised? | Neogrowth has raised $136M across 6 funding rounds. |
| What was Neogrowth's last funding round? | Neogrowth's last funding round was a $9M undisclosed-stage round in October 2026, led by FMO and LeapFrog Investments. |
| Who are Neogrowth's investors? | Neogrowth's investors include Quona Capital, LeapFrog Investments, Khosla Impact, Omidyar Network India, Flourish Ventures, FMO, WestBridge Capital, IIFL Finance, Omidyar Network, Lightrock and 2 others. |
| Which companies are comparable to Neogrowth? | Companies comparable to Neogrowth include Tata Capital, Muthoot Finance, L&T Finance, Credit Acceptance, Aven and Gojo & Company. |
See companies similar to Neogrowth
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