The fintech segment of the Indian business industry is seeing the face of development at a rapid pace. As India is gradually turning out to be the hotbed of fintech innovation, SiliconIndia Startup city Magazine, which projects the stories of flourishing entrepreneurs, outstanding technologists and accomplished CEOs, has come up with a list of “10 Best Start-ups in Finance”, featuring prominent Startups that are seen majorly as enablers of change. The list has undergone strict scrutiny by a panel of judges which include CEOs, CXOs, CIOs, analysts and the Startupcity editorial team.
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The Union Budget 2018-19 gave a special emphasis on the MSME sector providing a huge boost to the players present in the industry, especially the Digital Lending companies. This demonstrates the government's approval to provide adequate finance to MSME sector, complementing the efforts of the industry and thus creating a positive impact. Mumbai based NeoGrowth Credit Pvt. Ltd. works actively towards providing quick and easy access to credit to the under-served MSME segment. The company through its technology-enabled processing caters to provide loans to the merchants against their future digital sales and unlocks credit that is tailored to the merchant's business requirement. "Our loans come with unique features like the daily repayment model which is focused on customer centricity. This feature helps merchants to plan their cash flows better, especially during slow and slack seasons. These loans are processed much quicker than a typical loan, giving merchants' fast access to cash when needed," speaks Piyush Khaitan (PK), Co-Founder & Managing Director, NeoGrowth.
A Game Changer
As an NBFC registered with RBI, NeoGrowth is known to drive digitalization in the SME lending space by pioneering the concept of POS based funding. Its business model operates at the convergence of lending, urban retail and digital payments, on a platform of technology and innovation. "When working closely with retailers, we realized their
problems in terms of accessing finance. More than 50 percent of these retailers with adequate credit-worthiness were denied finance based on traditional underwriting methods. We intend to fill this gap at NeoGrowth," informs PK.
The Success Saga
Established in 2013, NeoGrowth has lent its hand to merchants and businesses across the SME and MSME sectors for developing innovative products and unconventional methodologies. So far, it has partnered with over 13,000 businesses and has 21 branches in various cities spread across the country. Additionally, it has scaled up disbursements from INR 9 Crore in 2012-13 to INR 1,350 Crore in 2017-18 and has a target of INR 3,300 Crore for the year 2019-20.
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