GrowXCD Finance Raises $6 Mn In Series A Funding The funding round was led by Lok Capital
By S Shanthi
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Fintech startup GrowXCD Finance has secured INR 50 Cr ($6 Mn) in a Series A funding round. The round was led by Lok Capital.
The fintech startup will use the freshly infused capital for team building, tech innovation and to expand its footprint over the next 12-18 months, according to news reports.
GrowXCD Finance Pvt Ltd is an RBI-registered Non-Banking Finance Company that operates from six branches located in Tamil Nadu at present. GrowXCD aspires to accelerate the economic growth of MSMEs and low-income households by enabling them to access capital, it states on its website.
The Chennai-based startup was founded in 2022 by Arjun Muralidharan and Sathishkumar Vijayan. The company was established with a vision to enhance the economic growth of MSMEs and low-income households by providing them with access to capital. The company's main focus is on developing credit infrastructure that enables institutional capital to seamlessly flow into retail assets secured by mortgages. By building these credit rails, GrowXCD aims to facilitate the efficient allocation of funds and promote economic development in the target segments. GrowShubam and GrowVyapaar are the two products it offers at present.
