NeoGrowth Partners with PaisaBaazar

NeoGrowth, the pioneer in digital lending for SMEs in India, and Paisabazaar.com, India’s largest online marketplace for lending products, have partnered to provide swipe-machine-based or POSbased loans to small and medium scale enterprises.

NeoGrowth and Paisabazaar.com have disbursed POS-based loans worth Rs 6 crore to merchants from 10 cities in over a couple of months. This includes Bangalore-based ‘Oye Restaurants’, which received a POS-based loan of Rs 35 lakh from NeoGrowth, within four days of application on Paisabazaar.com, making it the largest  POS-based loan disbursal sourced through Paisabazaar.

NeoGrowth's POS-based loans, available on the Paisabazaar platform, involve analytical underwriting on the basis of digital spends taking place through card swipe machines at the borrower's outlet, along with other alternate data. These loans also allow daily repayment facility, instead of monthly EMIs.

Announcement from Mr. D. K. Khaitan (Chairman) and Mr. P. K. Khaitan (Managing Director): Arun Nayyar appointed as Chief Executive Officer, NeoGrowth

Mr. Arun Nayyar6 years ago we founded NeoGrowth, and it has been a remarkable journey for us. We have built a substantial business around a unique business model, with differentiated features that others are still trying to emulate. Over these years, we have created our proprietary technology, processes and product features. As the book grew, we added requisite governance, management talent and attracted high quality investors & debt providers. All of this has positioned us very well for the next stage of our trajectory of rapid growth.

As NeoGrowth steps into the next stage of growth, we need to augment the leadership team with a person having in-depth knowledge & experience of leading a large NBFC. We have therefore decided to bring in a person who understands the nuances of a new wave lending business & has built a successful NBFC from scratch as Chief Executive Officer.

We are happy to inform you all that we have appointed Arun Nayyar as “Chief Executive Officer” and he has joined us today. Arun has over 20 years of working experience & successfully managed a variety of assignments in this space.

Arun joins us from Edelweiss Retail Finance Ltd where he had been the ‘Chief Executive Officer & Business Head – SME Lending’. He had the overall responsibility of setting up the SME lending business within the retail finance vertical. He joined Edelweiss group around 7 years back and was the first employee of the SME Lending business. Over these years, he successfully built, from scratch, a differentiated and robust SME portfolio, spread across 100 locations.

Prior to Edelweiss, Arun was with Citibank for 8 years in Commercial Banking, and Risk Head for the consumer & commercial portfolio. He had joined Citibank as a Relationship Manager and was elevated as Regional Business head in two years. Later he became the Risk Head and was responsible for portfolios including micro-finance and the unsecured retail assets portfolio.

He has also worked for 2 years at CRISIL early on in his career. Arun is a Chartered Accountant and also worked for AF Ferguson & Co as Audit trainee for three years.

We both look forward to working closely with Arun, and the team, in building NeoGrowth into a much larger and significant presence in the NBFC landscape in India. We will continue to have a direct and significant role in this journey. D. K. will continue as Chairman, and P. K. as Managing Director of NeoGrowth.

All of us at NeoGrowth extend a very warm welcome to Arun.

D. K. Khaitan                              P. K. Khaitan

Chairman                                     Managing Director