Jaipur-based non-banking financial company (NBFC) Finova Capital has raised $15 million from Faering Capital and existing investor Sequoia India. The company will use the funds to expand its presence.
Finova Capital aims to serve small businesses and service providers in small towns and rural areas, who are looking for mid-ticket loans of ₹5-6 lakh for a period of up to seven years. The loans, provided at customised terms, are designed keeping the end customer in mind, the company said in a statement.
“Our investment in Finova is consistent with our investment approach of backing strong management teams that are building market leading companies in their area of focus,” said Aditya Parekh, co-founder and Managing Director, Faering Capital.
Finova, which was founded in 2016 by Mohit & Sunita Sahney, has disbursed loans of ₹250 crore to more than 4,500 customers till date. At present, it operates out of 52 branches across Rajasthan, and plans to expand to 75 branches across Rajasthan, Delhi, and Madhya Pradesh by the end of 2019.
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