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SMEcorner, a fintech SME lender, has raised a total of $30 million through a combination of debt and equity, led by private equity firm Paragon Partners. The company will use the funds for scaling up business, lending partnerships and market expansion in the coming financial year.
Paragon Partners invested $10.5 million, while the balance came in from existing investors including venture firm Quona Capital, Accion Venture Lab, Bharat Shah and certain High Networth Individuals (HNIs).
Promoter Samir Bhatia also made fresh investments in this round, the company said in a statement.
“The additional capital will enable us to reach over 20,000 new customers and grow our distribution in the coming year. We will continue to focus on building proprietary technology, which will help us serve our customers more efficiently,” SMEcorner Founder and CEO Samir Bhatia said.
SMEcorner had raised series A+ round, led by Quona Capital, in June 2019. The company, which has Rs 400 crore of assets under management, is now planning to lend Rs 1,000 crore by the end of the next financial year.
SMEcorner, which got an NBFC license in February 2018, is currently present in 15 cities across four states. It services more than 8,000 customers and has disbursed more than Rs 550 crore, since obtaining the license.
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