Arthan Finance Bags Rs 50 Cr In Fresh Funding Round
The lender aims to meet the credit demand of over 11 million nano enterprises, who have an estimated credit demand of more than USD 25 billion
Arthan Finance, a company that provides loans to self-employed nano and micro entrepreneurs, has received Rs 50 crore in funding. The funding comes from Incofin India Progress Fund and the Michael & Susan Dell Foundation. The company plans to use the funding to increase its assets, expand to new areas and invest in AI and ML-based underwriting systems.
Arthan Finance operates in Maharashtra, Odisha, Andhra Pradesh and Telangana. The company provides growth capital to self-employed nano and micro enterprises in small towns. It has already provided over Rs 500 crore to more than 20,000 borrowers, with loan amounts ranging from Rs 2,000 to Rs 20 lakh.
The AI and ML-based underwriting system ensures efficient risk discovery and loan disbursement, aiming to meet the credit demand of over 11 million nano enterprises, who have an estimated credit demand of more than USD 25 billion.
Geeta Goel, India Country Director at the Michael & Susan Dell Foundation, highlighted the significance of empowering the small businesses Arthan Finance supports, seeing them as a great opportunity for India's future.
