Oct 29: Finova Capital, a non-banking financial company (NBFC) focused on micro, small, and medium enterprises (MSMEs), has raised $135 million in a Series E funding round. 

The round attracted investments from firms including Avataar Venture Partners, Sofina, Madison India Capital, and Norwest Venture Partners.

Existing investors Norwest Venture Partners, Peak XV Partners, Faering Capital, and Maj Invest also doubled down in the round, providing a partial exit to unnamed early investors, the company said.

Previously, Finova raised $65 million in a Series D funding round in 2022.

The funds will be used to expand Finova's loan portfolio, enhance technology, and support geographic expansion. Currently, Finova operates in 16 states with over 400 branches and has assets under management (AUM) totaling approximately Rs 3,000 crore.