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FinAGG focusing on working capital solutions for MSMEs raises $11M in a Series A round

ISN Team
New Update
finagg founders

FinAGG Technologies, a fintech startup focusing on working capital solutions for micro, small, and medium enterprises (MSMEs), raised $11 million in a Series A funding round co-led by BlueOrchard, backed by Schroders, and Tata Capital.

Notably, the Small Industries Development Bank of India (SIDBI) and Prime Venture Partners also participated in this round.

Expanding offline/online presence 

The Noida-based startup plans to use this fresh capital infusion to expand its offline and online presence, enhance global outreach, and invest in product innovation. This includes developing new financial products and integrating advanced technologies like blockchain for underwriting.


The startup aims to revolutionize the underwriting process, moving away from traditional methods.

FinAGG customer base

Since its inception in 2019, FinAGG Technologies has served over 85,000 borrowers across 100 cities in India. The firm's approach includes using public digital infrastructure solutions like UPI, Aadhaar, and GSTN for working capital assistance.

It claims to have disbursed loans upwards of Rs 5,200 crore to date, with 20% of these enterprises led by women entrepreneurs, fostering annual sales growth of 22% and promoting financial awareness and inclusion.

FinAGG's partnerships

FinAGG has partnered with major financial institutions like Tata Capital, SIDBI, Aditya Birla Finance, and HDFC Bank. It now aims to expand its reach to 150 cities in the next six months and continue its role as a key player in the SME supply chain.

“Initiating a strategic investment drive, we selectively invest in businesses aligned with our goals. Our existing partnership with FinAGG in the SME supply chain has been successful, showcasing promising traction. We value FinAGG's tech-driven efficiency and focus on distributor finance access,” said Rajiv Sabharwal, Managing Director & CEO, Tata Capital.

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