Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Quona Capital leads $12.8 million equity round for India small business lender SMEcorner



ImpactAlpha, March 6 – Mumbai-based lender SMEcorner has raised 90 crore ($12.8 million) in a round led by global fintech investor Quona Capital. Quona put in 35 crore ($5 million) from its Accion Frontier Inclusion Fund; existing investors, including Accion Venture Lab, invested the balance. The firm also raised an undisclosed amount of debt from financial institutions.

The small business lender specializes in small ticket loans. It has served more than 3000 kirana stores, electrical shops, garment sellers, pharmacies and other retailers in nine cities in three states in India. With its proprietary underwriting model, the firm has reduced the loan approval process to three days, from an average of two weeks at traditional banks.

With the new funding the firm aims to expand to 40 mid-sized cities across India, as well as simply its technology for customers. Accion Venture Lab first invested in the firm in 2015. SMEcorner has raised about 200 crore ($28.5 million) to date.

You might also like...