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FinAGG Technologies, a fintech startup founded in 2019, announced that it has secured a US$11 million Series A round of investment. The funding round was led by Blue Orchard and Tata Capital, with participation from investors Small and Medium Enterprise Development Bank of India (SIDBI) and Prime Venture Partners.
“Having a company like BlueOrchard, a leader in climate change-based impact programs, will help drive the uptake of climate insurance to our clients, and Tata Capital, one of India’s largest NBFCs, will SIDBI, a GOI-owned development bank, will help GST Sahay grow through access to cheap funds.” said Nipun Kohli, co-founder and CEO of FinAGG Technologies.
Founded by Kohli, Praveen Kumar and Srinivasan R, the startup aims to provide working capital solutions to MSMEs.
FinAGG has recorded disbursements of over Rs 5,230 crore to over 85,000 MSMEs till date. According to the company, approximately 20% of these companies are led by women entrepreneurs, have grown annual sales by 22%, and promote financial awareness and inclusivity.
In particular, Kohli mentions a team working on bringing blockchain to the industry.
The funds raised will be used to expand our offline and online presence, strengthen our global footprint, and drive product innovation.
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