GrowXCD Finance Raises Rs 200 Crore for Expansion, Aims to Double AUM
GrowXCD Finance, a non-bank lender catering to small businesses and salaried workers in tier-II and tier-III towns, has secured Rs 200 crore in an equity funding round. The investment will bolster the company's portfolio, expand its branch network, and strengthen its technological capabilities.
The funding round was led by Swiss impact investment firm Blue Earth Capital and Prosus Ventures, with Blue Earth contributing Rs 105 crore and Prosus investing Rs 70 crore. UC Impower participated with an investment of Rs 4 crore. Existing backer Lok Capital increased its stake by Rs 21 crore, making it the single largest shareholder with a cumulative investment of about Rs 93 crore.
GrowXCD Finance plans to use the funds to expand its operations in the southern and western regions of India over the next 12-18 months. The lender aims to reach Rs 500 crore in assets under management (AUM) by March 2026 and open 40-50 new branches by March 2027. Currently, it operates 67 branches across five southern Indian states with an AUM of Rs 300 crore. The company is also exploring expansion into Madhya Pradesh, Maharashtra, and Uttar Pradesh.
With the successful funding round, GrowXCD Finance is well-positioned to strengthen its portfolio, expand its branch network, and enhance its technology backbone. The lender's focus on small businesses and salaried workers in tier-II and tier-III towns aligns with the investors' commitment to supporting impactful initiatives.
