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Small businesses in India, the backbone of the economy, often struggle to access formal credit. This is where Mumbai-based non-banking financial company (NBFC) Infinity Fincorp steps in.
Infinity Fincorp recently secured a USD 26 million funding round led by Jungle Ventures, with participation from Magnifico, an HNI investor group. This significant investment will empower Infinity to continue providing much-needed financial support to micro, small, and medium enterprises (MSMEs) and micro-entrepreneurs across India.
Unlike traditional banks, Infinity caters specifically to a segment often overlooked by mainstream financial institutions. They specialise in lending to micro-entrepreneurs like tea shop owners, vegetable vendors, and small manufacturers. These businesses, crucial to local economies but often categorised as "high-risk," find it difficult to secure loans through traditional channels.
Founded in 2020, Infinity has already built a strong track record. As of March 2024, they have a loan book exceeding INR 750 crore disbursed across over 20,000 loans. This funding boost will allow them to expand their reach and impact, helping more small businesses across the country thrive.
Shrikant Ravalkar, founder and CEO of Infinity, stated that they are witnessing strong tailwinds for their business. Ravalkar mentioned that the capital infusion will allow them to invest in their distribution and footprint, accelerating their mission of extending easy credit to MSME businesses.
Jungle Ventures, the lead investor, expressed confidence in Infinity's potential. Nitin Nayak from Indium IV, a majority shareholder in Infinity, commented that the management team at Infinity Fincorp, through its deep understanding of the affordable lending sector, is addressing significant demand gaps in the market.
Micro-enterprises account for over 95% of all businesses in India, yet they face a credit gap exceeding USD 500 billion. Infinity Fincorp's asset-backed financing solutions bridge this gap, fostering sustainable business growth and job creation, particularly in remote areas.
This investment signals a positive trend in supporting the backbone of the Indian economy. By empowering small businesses, Infinity Fincorp is paving the way for a more inclusive and prosperous future.
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