By Entrackr
Non-banking financial company (NBFC) Arthan Finance has raised Rs 50 crore ($6 million) from investors such as Incofin India Progress Fund and the Michael and Susan Dell Foundation.
Till date, Arthan Finance has raised Rs 83 crore ($10 million). Previous funding rounds saw participation from the founders, angel investors, and the Michael & Susan Dell Foundation.
The proceeds will be used to boost the firm’s expansion and technological progress. This will also help Arthan Finance grow its Assets Under Management (AUM), expand its geographic footprint, and invest in advanced AI and ML-based underwriting systems, the company said in a press release.
Founded by Kunal Mehta, Arthan Finance is a new age lending tech NBFC specializing in loans for self-employed nano and micro entrepreneurs. The firm currently operates in Maharashtra, Odisha, Andhra Pradesh, and Telangana, providing growth capital to self-employed nano and micro enterprises in tier II, III, and IV cities.
The company claims to have disbursed over Rs 500 crore to more than 20,000 borrowers, with loan amounts ranging from Rs 2,000 to Rs 20 lakhs.