NBFC Finova Capital Nets $135 Mn Funding To Expand Loan Book

The round will be led by new investors Avataar Venture Partners, Madison India Capital and Belgium investment fund Sofina

Finova Capital posted a consolidated profit after tax (PAT) of INR 151.5 Cr in FY24

The NBFC has served more than 100K customers through its 400 branches across 16 states

Jaipur-based NBFC Finova Capital has secured $135 Mn (INR 1,135.08 Cr) in a Series E funding round from Avataar Venture Partners, Sofina and Madison India Capital, along with existing investor Norwest Venture Partners.

According to the NBFC, the round also gave partial exit to its early backers. It counts Peak XV Partners, Faering Capital and Maj Invest among its investors.

Finova Capital plans to use the fresh capital to grow its loan book, invest in technology and expand footprint.

Founded in 2015 by Mohit Sahney and Sunita Sahney, Finova Capital is an NBFC offering MSME business loans and home loans ranging from INR 3 Lakh to INR 25 Lakh, focused on…