NeoGrowth’s profit grows to INR 95 Crore in FY24

Mumbai, May, sixteenth, 2024: NeoGrowth, the MSME-focused digital lender in India, introduced its monetary outcomes for the FY24 and fourth quarter that ended on March thirty first, 2024.

Mr. Arun Nayyar, Managing Director & CEO, NeoGrowth, mentioned: “We are centered on serving the big, rising, and worthwhile MSME section, aiming to empower them with accessible and environment friendly monetary options and driving sustainable development. We had a stellar FY 2023-24 at NeoGrowth, and are delighted to announce that our profit has grown to INR 95 crore. We are proud to share that ICRA has upgraded our score from BBB to BBB+, underscoring the belief our clients have bestowed upon us and acknowledging our efforts to streamline lending processes for MSMEs all through India. This achievement is a testomony to the dedication of our companions and workers, whose unwavering help has been instrumental in our success.

Looking forward, with an satisfactory capital base, we stay dedicated to leveraging our sturdy digital infrastructure, improve buyer expertise, mitigate credit score dangers, cut back borrowing prices, and foster larger operational effectivity; solidifying our dedication to assembly the evolving wants of the MSME sector,” added Mr. Arun Nayyar.

Over the years, NeoGrowth has developed a sustainable enterprise mannequin by means of deeper buyer understanding and a strong danger administration framework which aided the expansion in FY24

NeoGrowth’s buyer choice and danger administration method is differentiated by goal determination making pushed by knowledge and analytics and sustaining the best stability of buyer join. NeoGrowth’s segmented and modular danger framework permits optimum danger reward stability for optimum development. The firm follows a flow-based lending mannequin primarily based on the digital funds of MSMEs to gauge enterprise volumes main to goal scoring and decisioning. NeoGrowth supply a holistic suite of merchandise throughout retail and provide chain MSME segments, to fulfil the shoppers’ enterprise wants. The distinctive versatile, each day reimbursement mannequin gives the shoppers with an industry-first method, which helps cut back the debt burden of those MSME debtors. A paperless, end-to-end digital mortgage journey ensures fast mortgage disbursals to MSMEs, particularly useful when MSMEs need to make the most of fast bulk low cost gives and have quick funding necessities to take full benefit of the gives and offers and cross on the identical to their clients.

With a eager concentrate on MSMEs in the Retail and Supply Chain sectors, NeoGrowth has efficiently disbursed over USD 1.5 billion throughout 55,000+ clients since inception. Our lending method is deeply rooted in fostering constructive impacts and setting a benchmark for monetary inclusion in India. Notably, NeoGrowth aligns its enterprise actions with six of the United Nations Sustainable Development Goals (SDGs), demonstrating our ongoing dedication to holistic contributions in the direction of a sustainable future.

NeoGrowth’s success is additional enhanced by the backing of esteemed buyers resembling Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, 360 One Asset, FMO, and Leapfrog Investments.