NeoGrowth crosses Assets of Rs. 1,000 crore.

A Momentous Occasion Marking Yet Another Milestone Achievement.

NeoGrowth achieves a new milestone of crossing Asset Under Management (AUM), of Rs. 1,000 crore today.

Speaking on this occasion, Dhruv Khaitan (DK), Founder & Chairman of NeoGrowth said, "It gives us immense pleasure to cross the milestone of Rs. 1,000 crore in AUM. This landmark is a reflection of the faith and confidence our customers and stake holders have bestowed in the company. We've had a great journey having scaled up disbursements from Rs. 9 crore in FY 13 to Rs. 1,350 crore in FY 18. We have set a target of Rs. 3,300 crore for the next financial year."

Businesses have benefitted from NeoGrowth's unique tech & touch model, augmented by the in-house technology platform and smart analytics of the digital spends data. NeoGrowth's tailor-made approach using digital payments helps merchants to plan their cash flows better and also boosts entrepreneurship and job creation, thereby enforcing its mission of creating a positive impact in society.

 

NeoGrowth has partnered with over 13,000 businesses assisting them in their business growth and has 21 branches in various cities spread across the country. While doing so, the company has also remained focused on creating a positive social impact by lending to women entrepreneurs and first-time borrowers, and also creating jobs and improving the credit profile of its customers.

“We will continue with our expansion plans into these markets and keep innovating to come up with better solutions to help the SME segment in the best possible manner. In the next 5 years we aim to cross Rs. 7,000 crore in AUM; in other words, build a billion-dollar balance sheet”, DK added.

 

Additional References

  1. NeoGrowth crosses 1000 crore in Assets Under Management by Business World
  2. NeoGrowth hits Rs 1000 crore of AUM by Economic Times

 

Fintech and social impact investing in India [interview with Oikocredit]

What does NeoGrowth do?

NeoGrowth is a technology-enabled lending business that provides loans to under-served micro, small and medium enterprises (MSMEs) in 21 cities across India.

We pioneered a model in India that uses data from credit and debit card sales to determine the credit worthiness of small and medium retailers and to provide loans against future sales.

What is unique about NeoGrowth?

Using technology our loans can be quickly approved and require minimum documentation or credit histories. All of which is appreciated by our clients, most of whom would struggle to get loans elsewhere.

Our loans are also very flexible and we allow the customer to pay back their loan on a daily basis. The process is much easier for our clients.

In terms of social impact we focus on generating fair sustainable employment through lending. We do this by making sure that our clients work with diligent fair labour organisations to ensure that health and labour standards are being met. Empowering female entrepreneurs is also a key focus area for us.

Why did NeoGrowth decide to partner with Oikocredit?

What attracted us to work with Oikocredit was their triple bottom line approach, and namely their focus on social impact investing.

We were also impressed by the team Maanaveeya [the Indian subsidiary of Oikocredit]. We came in as the new kid on the block, and Gouri and his team really supported us with their knowledge and expertise.

Oikocredit has a really good understanding of what is going on in India. Because of which they are able to provide solid insight and guidance to their partners.

Click here to read the full interview.