Latest News | Infinity Fincorp Raises USD 40 Mn from Beams, Others

Mumbai, Apr 2 (PTI) Non-bank lender Infinity Fincorp Solutions on Wednesday said it has raised USD 40 million (about Rs 340 crore) in a funding round led by Beams Fintech Fund.

The city-headquartered company is focused on microloans against property (LAP) of up to Rs 5 lakh to tea shop owners, vegetable vendors, small machine enterprises, restaurants and provision stores in tier-3 towns. It has a loan book of over Rs 1,100 crore as of January, as per an official statement.

Also Read | Who Is Mahesh Landge? All About Bhosari MLA Whose Letter to Pankaja Munde on Air Pollution Led to Closure of 2 RMC Plants in Pimpri-Chinchwad.

"Micro LAP is one of the fastest growing spaces within the NBFC segment given the credit demand from over 6 crore micro, small and medium enterprises towards growing their businesses," Beams' founder and partner Sagar Agarwal said.

Agarwal said the micro LAP segment is expected to grow at 15-20 over the next decade, and Infiniti has grown 3x since FY22.

Also Read | Ratan Tata's Will: From Domestic Helpers to Pet Tito and Shantanu Naidu, Here's Who Inherited What From Late Industrialist.

The fundraising will take the capital adequacy for the company to 50 per cent, which is much higher than the 15 per cent required by the regulator, the statement said.

At present, the company operates 127 branches in eight states, including Andhra Pradesh, Tamil Nadu, Telangana, Madhya Pradesh, and Rajasthan.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)