Fintech startup GrowXCD Finance raises Rs 50 crore in funding from Lok Capital
GrowXCD Finance has raised Rs 50 crore in a series A funding round from Lok Capital, of which the first tranche of Rs 30 crore has been closed.
The Chennai-based firm, which focuses on micro, small and medium enterprises (MSME), plans to use the funds to set up its initial team, develop technologies and expand its footprint over the next 12-18 months.
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Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit“This investment and partnership will provide the launch pad for GrowXCD to build a robust organisation which will serve the mission to accelerate the economic development of MSMEs and low-income households in the rural and semi-urban locations," GrowXCD CEO Arjun Muralidharan said in a statement.
GrowXCD was founded in January 2022 by Muralidharan, a former managing director of IDFC First Bharat and a veteran in MSME lending, to address the credit gap for small and medium businesses, particularly outside of urban areas.
“We have known Arjun for many years and are delighted to partner with him to build a leading financial institution from the ground up. We understand the MSME lending space in the country well, and believe that together we have the opportunity to create a differentiated business in the secured MSME space,” said Venky Natarajan, managing partner, Lok Capital.
GrowXCD received the non-banking financial company licence from the Reserve Bank of India in April. It operates 10 branches across Tamil Nadu, with its first branch in Thiruvannamalai. The company aims to
