SME lender BizLoan raises Rs 35 crore from Michael & Susan Dell Foundation, others

28 Jan 2025, 07:52 PM

The NBFC aims to expand its footprint, particularly in underserved markets, enhance its loan product offerings, and invest in advanced technology...

Team Head&Tale

SME lending platform Bizloan has raised Rs 35 crore in its Series A funding round led by the Michael & Susan Dell Foundation and BLinC Invest.

The Bengaluru-based non-banking finance company (NBFC), focused on providing credit solutions for small businesses, will use the money to expand its footprint, particularly in underserved markets, enhance its loan product offerings, and invest in advanced technology to streamline its lending operations.

The funding follows Bizloan's previous raise of $2.77 million from Caspian Debt and other investors.

Rahul Jain, CEO of Bizloan, stated, "The current round of investment shall help the company enter the next phase of fast-paced growth by expanding its footprint in Bharat. We aim to simplify credit for small businesses, particularly in smaller towns and cities where they remain underserved. With this funding, we will also actively invest in technology to drive better operational efficiency and continue developing sustainable talent."

Founded in 2016 by Rahul Jain, Abhishek Mishra, Girish Chawla, and Vikram Diwan, Bizloan claims to have disbursed Rs 774 crore in loans across 26 branches, benefiting over 3,000 entrepreneurs in key regions like Haryana, Uttar Pradesh, NCR, Karnataka, and Rajasthan.

Bizloan's growth strategy is focused on empowering more micro and nano enterprises, with plans to reach over 2,500 businesses in the next year.

Rakesh Goyal, director of Michael & Susan Dell Foundation, added, "Supporting small businesses is crucial for economic growth, but their access to formal credit remains limited. This funding marks a crucial step forward in our mission to empower micro and nano enterprises, providing them with the capital and financial tools they need to fuel business growth, increase household incomes, and create employment opportunities."

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Cofounder of IPO-bound leading fintech lending company
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