The technology & data driven approach of NeoGrowth to help SMEs with much needed financial assistance, was recently covered by Business India magazine in their June 2018 issue.
Business India is one of the strongest brand names in magazine publishing industry in India. Founded in 1978, the magazine, over the years has helped in creating awareness and generate public opinion on critical issues and choices in business, industry, economy and society.
While covering the Digital Impact caused in the Indian SME segment, NeoGrowth’ s innovative business model,best described in the words of Mr. Dhruv Khaitan (DK), the Charmian of NeoGrowth, stood out. “We have created a business model that operates at the convergence of three ecosystems – lending, urban retail and digital payments, on a platform of technology & innovation” said DK.
Founded in 2012, by Dhruv Khaitan (DK) & Piyush Khaitan (PK), NeoGrowth now operates across 21 locations in India, serving the SMEs of these regions with quick, timely and hassle free access to finance. NeoGrowth loans come with unique features like the daily repayment which is focused on customer centricity. This feature helps merchants to plan their cash flows better, especially taking into slow & off seasons. “These loans are processed much quicker than a typical loan, giving merchants fast access to cash when needed ” said PK.
The exponential journey of NeoGrowth witnessed in the Digital lending landscape garnered significant interest. NeoGrowth, in this short stint, scaled its disbursements from INR 9 Crore (2013) to INR 1358 Crore (2018). During the same period the revenue of the firm skyrocketed from INR 2Crore (2013) to INR 243 Crore (2018).
Positive Social Impact, a key element of NeoGrowth’s DNA was exemplified by the customer experiences shared by NeoGrowth customers, many of whom were first time borrowers. According to Vabez Sarosh Wankadia of Sams Studio, who have been providing specialized hair & beauty treatments to clients in the western suburbs of Mumbai,
“As a woman entrepreneur, I was able to dream big, because NeoGrowth helped me to have a new perspective.”
With the government’s thrust on digital payments in India, the under-served SME segment becomes an even bigger opportunity for Digital lenders, as the acceptance of digital payments is growing amongst large number of business owners.
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