Rajesh Kurup

SMEcorner, a fintech SME lender, has raised $30 million through a combination of debt and equity, led by private equity firm Paragon Partners. The company will use the funds for scaling up business, lending partnerships, and market expansion in the coming financial year.

Paragon Partners invested $10.5 million while the balance came in from existing investors, including venture firm Quona Capital, Accion Venture Lab, Bharat Shah, and certain High Networth Individuals (HNIs).

Promoter Samir Bhatia also made fresh investments in this round, the company said in a statement. “The additional capital will enable us to reach more than 20,000 new customers and grow our distribution in the coming year. We will continue to focus on building proprietary technology, which will help us serve our customers more efficiently,” said SMEcorner Founder and CEO Samir Bhatia.

SMEcorner had raised series A+ round, led by Quona Capital, in June 2019. The company, which has ₹400 crore of assets under management, now plans to lend ₹1,000 crore by the end of the next financial year.

SMEcorner, which got an NBFC licence in February 2018, is present in 15 cities across four States. It services 8,000 customers and has disbursed more than ₹550 crore after obtaining the licence.

Published on March 02, 2020