Arthan Finance, a non-banking financial company (NBFC) specializing in lending tech, has successfully raised Rs 50 crore ($6 million) in its Series B funding round. Investors contributing to this round include Incofin India Progress Fund and the Michael and Susan Dell Foundation.
With this latest funding, Arthan Finance’s total raised capital amounts to Rs 83 crore ($10 million), with previous rounds seeing participation from founders, angel investors, and the Michael & Susan Dell Foundation.
The raised funds will be allocated towards expanding the firm’s operations and advancing its technological infrastructure. Arthan Finance aims to enhance its Assets Under Management (AUM), extend its geographic presence, and invest in cutting-edge AI and ML-based underwriting systems, as stated in a press release.
Founded by Kunal Mehta, Arthan Finance specializes in providing loans to self-employed nano and micro entrepreneurs. Currently operating in Maharashtra, Odisha, Andhra Pradesh, and Telangana, the company offers growth capital to such enterprises in tier II, III, and IV cities.
Arthan Finance boasts disbursing over Rs 500 crore to more than 20,000 borrowers, with loan amounts ranging from Rs 2,000 to Rs 20 lakhs.
