NeoGrowth Completes second round equity funding

ph-thomas

NeoGrowth is happy to announce completion of its second round of Equity raising. Omidyar Networks invested in the company’s equity in 2013, and now Aspada Investment Company has made an investment in the company which is making its mark in the industry. The Aspada Investment Company is backed with a significant commitment from the Soros Economic Development Fund (SEDF) and works to promote economic opportunity and development in India. Aspada Investment Company is advised by Aspada Investment Advisors, led by Kartik Srivatsa and Thomas Hyland. On this occasion our Co – founder and Managing Director, Mr Piyush Khaitan said, “Small businesses are the backbone of the Indian economy, yet there are hundreds of thousands of small merchants in India that are excluded from formal credit and banking channels. Extending transparent, timely and scalable financial offerings to this segment will help to spur business creation in a large market that has had to largely rely on informal sources of capital.” “NeoGrowth brings an outstanding team and novel approach in what is a large, vastly underserved, and rapidly-growing market. The credit provided by NeoGrowth will allow small firms to manage working capital, account for inventory fluctuations and seasonality, hire additional employees, and stock new merchandise. We view supporting the small business (SME) segment as a critical priority area and one that is necessary to sustain India’s long term growth trajectory” said Thomas Hyland, Partner of Aspada Investment Advisors. We also take this opportunity to welcome Tom Hyland on our board of directors consequential to this investment. Tom is a founding Partner of Aspada Investment Advisors. Previously, he was one of the first employees of SeaChange Capital Partners, an innovative social sector financial intermediary founded by former senior partners of Goldman Sachs and funded by Goldman Sachs, Gates Foundation, Omidyar Network, and private capital. He also worked at Goldman Sachs in San Francisco for one of largest and most successful wealth management teams in the firm. Tom received his MBAat the Indian School of Business (ISB) in Hyderabad, and his BAin Economics from Providence College. While at ISB he focused on innovations in early stage financing and entrepreneurial ecosystems in India and other emerging markets. He has worked and travelled extensively throughout India and Asia.


NeoGrowth Credit Pvt Ltd. is a fast growing Non-Banking Finance Company registered with the Reserve Bank of India* and is a member of CIBIL. NeoCash, the Smart Merchant Advance offered by NeoGrowth, is the first of its kind business finance option for Apparel Stores, Groceries, Pharmacies, Restaurants, Salons and other small businesses with unique features. NeoCash is tailor made for merchants accepting card payments, as it has no fixed EMI and allows Automatic Repayment. The product requires Minimum Documentation, and comes with Doorstep Fulfilment Service. NeoGrowth has been set up by DK & PK Khaitan in 2011, and Omidyar Networks, a Silicon Valley VC fund, also has an equity investment. Having piloted the product in 2012-13, NeoGrowth has launched commercial operations in Mumbai, Delhi, Bengaluru and plans to expand to other markets in India. NeoGrowth has built AdvanceSuite©, the most sophisticated Business Advance platform in the world, which enables seamless enterprise wide workflow integration, automated tracking, robust risk management, reporting and business intelligence capabilities