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NeoGrowth, an MSME-focused digital lender in India, today announced that it has secured a $10 million investment from MicroVest Capital Management, a US-based global investment firm. The investment will help NeoGrowth extend financing to small businesses across India while helping the company get required growth capital.
As a pioneering impact investor, MicroVest has a 19-year history of investing in microfinance institutions (MFIs) and small and medium enterprise (SME) financial institutions that align their interests with those of the borrowers and communities they serve. Many of the financial institutions that MicroVest invests in, such as NeoGrowth, often serve as the first provider of formal credit to underserved microentrepreneurs and small businesses. These investments help facilitate financial inclusion, deepen financial sector development, increase productivity and local economic growth, promote gender equality, reduce poverty, and contribute to the UN Sustainable Development Goals.
