What does NeoGrowth do?
NeoGrowth is a technology-enabled lending business that provides loans to under-served micro, small and medium enterprises (MSMEs) in 21 cities across India.
We pioneered a model in India that uses data from credit and debit card sales to determine the credit worthiness of small and medium retailers and to provide loans against future sales.
What is unique about NeoGrowth?
Using technology our loans can be quickly approved and require minimum documentation or credit histories. All of which is appreciated by our clients, most of whom would struggle to get loans elsewhere.
Our loans are also very flexible and we allow the customer to pay back their loan on a daily basis. The process is much easier for our clients.
In terms of social impact we focus on generating fair sustainable employment through lending. We do this by making sure that our clients work with diligent fair labour organisations to ensure that health and labour standards are being met. Empowering female entrepreneurs is also a key focus area for us.
Why did NeoGrowth decide to partner with Oikocredit?
What attracted us to work with Oikocredit was their triple bottom line approach, and namely their focus on social impact investing.
We were also impressed by the team Maanaveeya [the Indian subsidiary of Oikocredit]. We came in as the new kid on the block, and Gouri and his team really supported us with their knowledge and expertise.
Oikocredit has a really good understanding of what is going on in India. Because of which they are able to provide solid insight and guidance to their partners.
Click here to read the full interview.