Digital lending platform Finnable is poised to raise Rs 30.55 crore ($3.7 million) in its Series B funding round. The round is led by TVS Shriram Growth Fund, with additional participation from Malpani Retails Private Limited, Harsh Anand Jain, Neha Bagaria, Roopjyot Engineering, and several other investors.
As per a regulatory filing with the Registrar of Companies (RoC), the board of directors of Fincare has passed a special resolution for the issuance of 92,831 preference shares at an issue price of Rs 3,290.95 per share, with the target of raising Rs 30.55 crore.
TVS Shriram Growth will invest Rs 19.40 crore, and Malpani Retails will contribute Rs 4.70 crore. Additionally, Harsh Anand Jain, Neha Bagaria, and other investors will collectively provide the remaining Rs 6.45 crore.
TVS Shriram Growth Fund is a private equity growth-expansion fund managed by TVS Capital.
As per TheKredible, a startup data intelligence platform, Finnable is expected to be valued at approximately Rs 866 crore (over $100 million) after the allotment.
Post-Series B round, MEMG Family Office LLP will own an 18.69% stake in Finnable, while Matrix Partners India and TVS Shriram Growth will hold 14.53% and 8.05%, respectively.
Founded in 2016 by ex-bankers-turned-entrepreneurs Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru fintech startup that lends only to salaried professionals. It has raised $5.77 million in a total of three funding rounds, the most recent being in April 2021, where it saw participation from 12 investors, including Manipal Global and MEMG Family Office.
According to the recent funding round by TheKredible, in the same fundraise, the MEMG Group had 18.69 percent shareholding, and the Nitin Gupta of the company's stake is beyond 24%.
Although Finnable has not yet filed its annual report for FY24, the firm recorded over Rs 100 crore in revenue and Rs 19.51 crore loss in FY23.
.jpg "Ranjan Pai’s MEMG-backed Finnable to Raise New Funding Round")
