Infinity Fincorp Solutions, an NBFC specialising in tailored property loans for MSMEs, said it has raised $35 million in a funding round led by existing investor Jungle Ventures, a Singapore-based independent VC firm.
Infinity, which operates in eight Indian states, lends to micro-entrepreneurs like tea shop owners, vegetable vendors, small machine enterprises, restaurants, provision stores, and textile shops. Its client base includes electricians, plumbers, carpenters, milkmen, laundry service providers, and hairdressers who are financially underserved.
Founded by Shrikant Ravalkar in 2016, the firm has surpassed over Rs 1,000 crore in assets under management (AUM) and claims to be on track to grow its AUM to Rs 1,300 by March 2025.
The funding comes months after Infinity raised an $8-million funding round led by Archerman Capital in May last year, followed by a $26-million funding round led by Jungle Ventures in the same month.
Infinity Fincorp joins other companies in the NBFC space that have recently raised funding. International Finance Corporation (IFC), a member of the World Bank Group, is considering an investment of up to $250 million in Shriram Finance Limited (SFL), one of India’s largest non-banking finance companies.
Finova Capital, a Jaipur-based NBFC, raised $135 million in a Series E round of funding from Avataar Venture Partners, Sofina, and Madison India Capital last year.
Clix Capital raised $26.3 million in a funding round led by Apollo Global Management, Pramod Bhasin, and Anil Chawla in August; while Avanse Financial Services Ltd, an education-focused NBFC, raised a funding round of around $120 million led by Abu Dhabi-based investment firm Mubadala Investment Company in March last year.
