In its pre-series C round, digital lending platform Finnable is expected to raise Rs 250 crore, or roughly $29 million, from Matrix Partners, TVS Capital, and India Nippon Electricals Limited.
The company passed a board resolution and issued 3,35,238 Pre-Series C preference shares at an issue price of Rs 3,788.35 each, securing Rs 127crore, or $14.7 million, according to the board resolution obtained from the Registrar of Companies (RoC).
Key Highlights
- Finnable clinches ₹250 crore pre-Series C round, led by Matrix Partners, TVS Capital, and India Nippon.
- Post-round valuation surges to roughly ₹1,300 crore (~$150 million), with founders and early investors diluted.
Matrix Partners contributed Rs 125 crore and India Nippon contributed Rs 2 crore to the Rs 127 crore first tranche of the pre-series C round. It is anticipated that the remaining funds will soon be infused to complete the round.
This comes six months after the company received an investment of Rs 40 crore from Ranjan Pai's family office. The estimated post-money value of the company would be Rs 1,300 crore, or $150 million.
Also Read: Ranjan Pai's MEMG-backed Finnable to Raise New Funding Round
Prior to this round, TVS Shriram Growth and Matrix Partners India owned 14.53% and 8.05% of Finnable, respectively, while MEMG Family Office LLP owned 18.69%. Nitin Gupta, co-founder and CEO, kept more than twenty-four percent. With the new investment from Matrix and TVS, as well as the dilution of the founders' stake, the cap table is expected to change.
Finnable, a fintech startup based in Bengaluru that provides personal loans to salaried professionals, was founded in 2016 by former bankers Nitin Gupta, Amit Arora, and Viraj Tyagi. The company's website states that it has served over 2.7 lakh customers and has an AUM of Rs 3,000 crore.
Finnable's FY25 financials have not yet been submitted. The company reported Rs 181.7 crore in revenue and Rs 5.88 crore in losses in FY24.
