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SSA Finserv, a non-banking financial company, has raised $3 million from Blue Ashva Sampada Fund to expand its lending operations. The company will use the funds to expand its presence to Tier-I and II cities and enhance the network.
“The MSME segment forms the mainstay of the economy. The exclusion of a sizeable number of MSMEs from formal lending ecosystems and the credit crunch in the sector has impacted their growth. The investment from Blue Ashva Capital will further reaffirm our commitment to become the preferred financial partner for MSMEs,” SSA Finserv Managing Director and CEO Vikas Agarwal said.
“The MSME sector in the country is instrumental in generating large-scale employment. We are proud to be associated with SSA Finserv in their mission to help MSMEs scale up their business,” said Satya Bansal, Founder, Blue Ashva Capital.
SSA Finserv was founded in June 2019 by Vikas Agarwal. The company offers an array of cashflow-based loan products such as collateral-free business loan, collateral-backed business loan, finance against a work order, sales bill discounting to plug the credit gap for businesses. The NBFC lends ₹10 lakh to ₹1 crore to businesses across manufacturing, service and trading segments with a turnover of ₹1 crore to ₹50 crore.
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