Finova Capital, a Jaipur-based non-banking financial company, has raised $35 million from Sequoia Capital India and Faering Capital, and an additional $20 million from various lenders.
The fintech company said it will use the funds to expand its presence and enable access to credit for the unbanked population.
Finova Capital targets micro-entrepreneurs and semi-skilled professionals, who typically do not have or have limited access to lending from formal financing institutions, and are looking for loans of around Rs 3-5 lakhs for a period of up to seven years.
With over 100 branches across Rajasthan, Madhya Pradesh, Uttar Pradesh, and Delhi, the company claims that loans are provided at flexible terms and are designed keeping the end-customer in mind.
Founded in 2016 by Mohit Sahney and Sunita Sahney, Finova has an AUM of about Rs 460 crore with around 11,000 customers.
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