FMO has injected INR1.6bn in the latest round of investment. Credit: mohamed_hassan from Pixabay.

Indian fintech startup NeoGrowth has concluded its Series D funding round with a total of INR3bn ($36.2m) investment.

Dutch entrepreneurial development bank FMO has led the round, which was also joined by the company’s existing investors.

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FMO has injected INR1.6bn ($19.3m) as part of the latest round of investment.

NeoGrowth intends to use the new funding to enter new markets, boost its presence in the existing markets and accelerate innovation.

The MSME-focused digital lender also aims to tap India’s emerging digital payments landscape, among others.

NeoGrowth managing director and CEO Arun Nayyar said: “We believe that this fresh funding from FMO will enable us to accelerate our growth by leveraging our robust business model.

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“We are confident that we will enable more small business owners—historically been denied formal credit—to fuel their growth aspirations with our financially inclusive lending solutions.”

Established by Dhruv Khaitan and Piyush Khaitan a decade back, NeoGrowth currently has INR16bn in assets under management (AUM).  

Since inception, the firm has partnered with more than 150,000 MSMEs and distributed over $1bn in loans.

NeoGrowth is backed by a number of investors such as Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital and others.

FMO co-chief investment officer Peter Maila said: “We invested in NeoGrowth not only because they are a propellent of financial inclusion by serving an underserved SME community through their unique digital products and underwriting capabilities but also because they fit perfectly well within our ambitions of reducing inequalities in a key market such as India.”