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.
