BRIDGING THE MSME CREDIT GAP
Mumbai-based brothers, Dhruv and Piyush Khaitan, founded a digital payments venture in the 1990s. To leverage the experience in payments business, Piyush Khaitan established NeoGrowth in FY13 to lend to small businesses. He understood the problems that retailers faced in raising growth capital, and created an under-writing method based on card swipe data along with flexible repayment options.
“We decided to lend to consumer-facing small businesses and leveraged their PoS (point of sale) swipe data for credit assessment. We knew digital payments would continue to grow at a rapid pace over the next few years. We resolved to participate in that growth,” says Khaitan, Founder and MD, NeoGrowth.
The fintech firm recorded profits of ₹4 crore on revenues of ₹300 crore in
