Sugmya Finance, cashless non-banking financial company (NBFC) said it has raised investment of $3 Million from Micro VCs, HNI/UHNIs and its existing investors.
The company will use this capital to accelerate its growth while maintaining a strong Capital Adequacy Ratio (CAR) and optimising the cost of funds, the company said.
Sugmya Finance provides MSME loans, microloans, and consumer durable loans, catering to thousands of households across 10 states through approximately 250 branches.
The NBFC operates on a 100 per cent cashless model using technology (LMS/LOS) to maintain transparency and efficiency in data and process, offers a diversified range of end-to-end financial services to borrowers from semi-urban, urban and below T-3 locations through its 275+ branches across India.
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Sugmya claims that it has served over 1.75 Lakh active borrowers, providing a cumulative loan disbursement of more than Rs 1000 crores since 2020.
Commenting on how the capital infusion will help the company, Vikas Singh, CEO and co-founder of Sugmya Finance, said, “Our primary goal is to help clients transition from informal credit systems to the formal banking and credit system. This is achieved by continuously upgrading their credit profiles and integrating them into the formal financial ecosystem. This round of fundraising will enable Sugmya to maintain its growth streak, as well as strengthen its product development and technological innovation.”
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“Built with a vision of promoting digital and financial inclusion, women empowerment, and transforming priority sector lending space, the company has shown significant growth in its assets under management (AUM) in last 4 years while maintaining excellent quality of portfolio and have onboarded 60+ lenders (including Banks, FIs and AIFs) and have been getting repeat funding from them,” said its Co-Founder, Brajmohan Singh.
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