IntelleGrow, a Mumbai based debt finance company has raised INR 28 crores from eBay founder Pierre Omidyar and Dell Inc. CEO Michael Dell. Omidyar Network, a philanthropic investment firm founded by Omidyar invested 25 crores while the remaining 3 crores were funded by Michael & Susan Dell Foundation. As said in the release, the raised funds will be used to help Indian enterprises access capital for growth.
Founded in 2012 by Sanjib Jha, IntelleGrow provides debt finance and skills support to small and growing businesses in India. It offers customized loan products, including short-term working capital loans, term loans, supplier loans, receivables loans, and other lines of credit. At present, it focuses on companies in energy, logistics & supply chain, financial infrastructure, healthcare infrastructure, education, agriculture product & service, and water & sanitation sectors.
To date, IntelleGrow has disbursed more than 60 loans, totaling more than INR 600 million to SMEs across India. It provides viability-based debt financing to fast growing early-stage enterprises with a turnover of less than INR 500 million and atleast 12 months of track record.
“Our offering in the form of venture debt creates value for promoters and investors and helps multiply the social impact. We know there are literally hundreds of worthy companies to meet and engage with in India. Unlocking capital for these companies means unlocking solutions to India’s development challenges,” said Sanjib Jha, CEO and Director, Intellegrow.
Previously, the company raised INR 10 crores from Michael and Susan Dell foundation in early 2013. With this investment from Omidyar Network, and follow-on investments from others, by the close of FY2016, IntelleGrow will lend to more than 250 companies across India, with a loan book of atleast INR 5000 million.
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