Fintech firm FinAGG Technologies has successfully raised $11 million in its Series A funding round, co-led by BlueOrchard and Tata Capital Limited, with participation from SIDBI and Prime Venture Partners. The funds will be utilized to expand FinAGG’s offline and online presence, enhance global outreach, and drive product innovation. Nipun Kohli, CEO of FinAGG, emphasized the significance of the funding, citing partnerships with leaders like BlueOrchard and Tata Capital to drive climate insurance penetration and scale business operations. The raised capital will also support disruptive changes in the fintech industry, including the integration of blockchain for more meaningful underwriting.
FinAGG addresses credit access challenges for micro, small, and medium-sized enterprises (MSMEs) in India, disbursing over Rs 5230 crores to more than 85,000 MSMEs across 100 tier 1 and 2 cities. With a focus on women entrepreneurs, the platform promotes financial awareness and inclusion, contributing to annual sales growth of 22%. The funds secured in this round will play a crucial role in expanding FinAGG’s reach and impact, aligning with its goal to positively influence over 250,000 lives by March 2025.
Rajiv Sabharwal, CEO of Tata Capital, expressed excitement about the continued collaboration with FinAGG, highlighting the success of their existing partnership. Mahesh Joshi from BlueOrchard emphasized the aim of enhancing financial service accessibility and contributing to the economic empowerment and sustainability of the vulnerable MSME sector in India.