Finnable Secures Rs 250 Crore in Pre-Series C Funding

Finnable, a digital lending platform, is poised to raise Rs 250 crore (around $29 million) in its pre-series C funding round, with contributions from Matrix Partners, TVS Capital, and India Nippon Electricals Limited. Information from the Registrar of Companies (RoC) reveals that Finnable’s board has approved the allocation of 3,35,238 Pre-Series C preference shares at a price of Rs 3,788.35 each, successfully securing Rs 127 crore or $14.7 million so far.

Funding Details and Investors

In the initial tranche of this pre-series C round, Matrix Partners contributed Rs 125 crore, while India Nippon added Rs 2 crore. The remaining capital is anticipated to be invested soon, thus finalising this funding round. This funding news follows a previous investment of Rs 40 crore from Ranjan Pai’s family office, as reported exclusively by Startup Superb six months ago.

Valuation and Stake Distribution

Based on Startup Superb’s projections, Finnable’s valuation is expected to reach Rs 1,300 crore or $150 million post-money. Prior to this round, the MEMG Family Office LLP owned 18.69% of Finnable, while Matrix Partners India and TVS Shriram Growth held 14.53% and 8.05%, respectively. Co-founder and CEO Nitin Gupta maintained ownership of over 24%. With this new investment from Matrix and TVS, changes in the cap table are anticipated, which will involve some dilution of founder ownership.

About Finnable

Established in 2016 by former bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable operates out of Bengaluru and focuses on providing personal loans to salaried professionals. According to their website, Finnable currently has assets under management (AUM) of Rs 3,000 crore and has assisted over 2.7 lakh customers. The company has yet to disclose its financial numbers for FY25, but in FY24, it reported revenue of Rs 181.7 crore with losses amounting to Rs 5.88 crore.