Olyv, a fast-growing digital financial platform focused on Emerging India, has raised $23 million (~₹208 crore) in its Series B funding round led by The Fundamentum Partnership, founded by Nandan Nilekani, with participation from SMBC Asia Rising Fund, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s largest banking groups.
The funding marks a significant milestone in Olyv’s growth journey and will power the company’s next phase of expansion, scaling its core business, deepening customer engagement, and laying the foundation for long-term value creation. The fresh capital will be deployed to expand the product suite with new offerings across Insurance, UPI, and Business Loans. In addition, Olyv will also invest in strengthening brand equity, and bolster its tech stack to deliver a more seamless, enhanced experience to customers.
Indian digital lending is witnessing a massive growth with estimates forecasting it to reach approximately $1.3 trillion by 2030 driven by smartphone penetration, UPI adoption and surging demand from middle-income consumers for digital personal loans. Olyv aims to cater to this growing demand by bringing affordable access to credit and wider financial products to middle-income households especially those in Tier-2 and Tier-3 cities and democratizing access to finance.
Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh, and Jayant Upadhyay, Olyv is a comprehensive digital lending and financial management platform offering products across Personal Loans, Gold Savings and Credit Health management. With nearly 2 million monthly active users and over ~5 crore app downloads, Olyv serves customers across 19,000+ pin codes in India. To date, Olyv has disbursed 70 lakh loans and facilitated over ₹10,000 crore in cumulative transactions, while consistently increasing PAT profitability for 11 consecutive quarters. By FY29, the firm targets to scale its user base to 100 million and cross $ 1 billion in AUM.
Also Read: Olyv Unveils Olyv Plus: A Smarter Way to Build and Protect Your Credit Health
Announcing the fund raise, Rohit Garg, Cofounder and CEO, Olyv, said: “At Olyv, technology and data come together to create real impact. We are democratizing access to credit for the next billion hard-working and underserved Indians fostering financial inclusion and nurturing their aspirations. This round will help us scale the business, strengthen our liability partnerships, and expand our product offerings to deliver an enhanced customer experience. Our long-term vision is to evolve as a trusted, full-stack financial partner for underbanked Indians entering formal credit.”
Olyv is the 11th and final investment from Fundamentum’s Fund II, launched in 2022. The investment is a testament to the fund’s mature fintech thesis and marks its fourth fintech-focused bet, adding a unique flavour to a track that has shown incredible momentum.
According to Mayank Kachhwaha, Investor and Fintech Thesis Lead at Fundamentum, "Beyond the numbers, this deal is a result of a long-standing relationship with Rohit and team, whom I’ve known for many years and have had a ringside view of their journey. What makes this moment particularly relevant is the broader shift underway in India’s lending landscape. The ecosystem is entering its next phase of maturity, supported by the foundational rails of India Stack. Olyv’s credit-first, tech-led model is aligned with this shift. We believe the firm is well poised to evolve from a lending leader into a comprehensive financial ecosystem and emerge as a long-term financial partner for millions entering formal credit.”
“As the personal loan market grows rapidly, ensuring effective credit assessment and risk management for young and middle-income consumers with limited credit histories is essential. Olyv addresses this through a digital platform that leverages alternative data and AI-driven models, enabling broader credit access while maintaining strong risk discipline. We look forward to collaborating with Olyv to explore synergies that promote financial inclusion in India,” said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.
Unitus Capital acted as the exclusive financial advisor to Olyv for this transaction.
Since its inception, Olyv has raised ~$25 million in equity and ~$100 million in debt from marquee global and Indian fintech-focused investors including Lightrock, Unicorn India Ventures, India SME and reputed family offices including Gauri Khan’s Family Office and prominent entrepreneurs and sports personalities, creating a robust financial foundation for the company’s next leap.
