Finova Capital raises series-A funding from Sequoia

NEW DELHI: Jaipur-based NBFC Finova Capital has raised an undisclosed amount in series-A funding from venture capital firm Sequoia India.

Finova focuses on providing small ticket loans to micro, small and medium enterprises in tier-II and tier-III cities and rural regions in India.

GV Ravi Shankar, MD, Sequoia Capital India said, “Finova Capital is addressing a critical need-gap in the highly underserved MSME market by making credit available to small businesses with undocumented income through their innovative credit models.“

The startup, which currently works with 10 lenders, is working towards expanding its lending portfolio, will use the funds for funding expansion plans and building out technology to smoothen the process of reaching out to rural customers, cut short the documentation process for loans and also for digitisation of KYC and documents required for applying for loan.