Digital financial app Olyv raises $23 million from Nandan Nilekani's The Fundamentum Partnership, others

Digital financial platform Olyv has raised $23 million (about Rs 208 crore) in a Series B funding round led by The Fundamentum Partnership, founded by Nandan Nilekani, with participation from SMBC Asia Rising Fund, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s largest banking groups.

The firm will use the raised capital to expand the product suite with new offerings across insurance, UPI, and business loans. In addition, it will invest in strengthening brand equity, and bolster its tech stack.

Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh, and Jayant Upadhyay, Olyv is a comprehensive digital lending and financial management platform offering products across personal loans, gold savings and credit health management.

The firm aims to cater to growing digital lending demand by bringing affordable access to credit and wider financial products to middle-income households especially those in tier-2 and tier-3 cities and democratising access to finance.

It claims to have nearly 2 million monthly active users and serves in over 19,000 pin codes in India. To date, Olyv has disbursed 70 lakh loans and facilitated over Rs 10,000 crore in cumulative transactions, while consistently increasing PAT profitability for 11 consecutive quarters.

By FY29, the firm targets to scale its user base to 100 million and cross $1 billion in AUM.

Rohit Garg, Co-founder and CEO, Olyv, said, “At Olyv, technology and data come together to create real impact. We are democratizing access to credit for the next billion hard-working and underserved Indians fostering financial inclusion and nurturing their aspirations. This round will help us scale the business, strengthen our liability partnerships, and expand our product offerings to deliver an enhanced customer experience.”

According to Mayank Kachhwaha, Investor and Fintech Thesis Lead at Fundamentum, "Beyond the numbers, this deal is a result of a long-standing relationship with Rohit and team, whom I’ve known for many years and have had a ringside view of their journey. What makes this moment particularly relevant is the broader shift underway in India’s lending landscape. The ecosystem is entering its next phase of maturity, supported by the foundational rails of India Stack. Olyv’s credit-first, tech-led model is aligned with this shift.”

“As the personal loan market grows rapidly, ensuring effective credit assessment and risk management for young and middle-income consumers with limited credit histories is essential. Olyv addresses this through a digital platform that leverages alternative data and AI-driven models, enabling broader credit access while maintaining strong risk discipline. We look forward to collaborating with Olyv to explore synergies that promote financial inclusion in India,” said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.

Unitus Capital acted as the exclusive financial advisor to Olyv for this transaction.

Since its inception, Olyv has raised around $25 million in equity and $100 million in debt from marquee global and Indian fintech-focused investors including Lightrock, Unicorn India Ventures, India SME and family offices including Gauri Khan’s Family Office.