MSME lender Seeds aims Rs 250 cr loan disbursement this fiscal

| | New Delhi
  • 0

MSME lender Seeds aims Rs 250 cr loan disbursement this fiscal

Saturday, 06 August 2022 | PTI | New Delhi

NBFC startup Seeds Fincap on Friday said it has completed loan disbursement of Rs 100 crore and aims to reach Rs 250 crore in the current fiscal. To fund its expansion plans, Gurugram-based Seeds said it has raised debt from financial institutions, such as UC Inclusive Credit Pvt Ltd (UCIC), InCred Financial Services Limited, Ananya, Northern Arc, and AU Small Finance Bank, among others.

Currently, it has 20 lending partners and plans to raise further funding in debt.

"With landmark of Rs 100 crore achieved in the early part of the financial year, we are confident of achieving our target of Rs 250 crore disbursement in this financial year," its co-founder, Managing Director and CEO Subhash Acharya said.

The startup serving MSME customers has operations in Uttar Pradesh, Haryana and Rajasthan with 34 branches in Tier 2 and 3 towns. It has about  13,500 customers in the Micro, Small and Medium Enterprises (MSME) sector. Among the 13,500 customers financed so far, 59 per cent of enterprises are rural-based and the rest semi-urban and urban. The company received its license from the RBI in April 2021.

However, owing to the second wave of COVID-19, it could commence its full-scale operations in July 2021, the company said. Seeds said it has also tied up with two financial services companies in some pockets on a Business Correspondent model basis.

In the current financial year, it plans to raise Rs 50-60 crore.

Sunday Edition

talktime | ‘I am working to step out of my comfort zone’

14 August 2022 | SUPRIYA RAMESH | Sunday Pioneer

Master Strokes ‘22

14 August 2022 | Pioneeer | Sunday Pioneer

Making a mark

14 August 2022 | SONALI CHAUDHARI | Sunday Pioneer

Read a lot, knowledge never goes waste: Faraaz Kazi

14 August 2022 | Pioneer | Sunday Pioneer

Chick flick New York Se Miami is a fun watch

14 August 2022 | Pioneer | Sunday Pioneer

Be the best version of yourself: Dr Amit Talukdar

14 August 2022 | Pioneer | Sunday Pioneer