InPrime Finserv Secures Rs 50 Crore for Expansion

InPrime Finserv, a tech-enabled NBFC, has successfully acquired Rs 50 crore ($6.02 million) in a Series A1 funding round. This investment was spearheaded by Pravega Ventures, with involvement from current investors Z47, InfoEdge Ventures, and Kettleborough VC.

Previous Investment and Future Plans

The Bengaluru-based firm had earlier raised $4.55 million from its existing investors. The capital raised will facilitate their expansion into additional geographic areas, as stated by InPrime Finserv in a recent press release.

Focus on Informal Prime Households

Established in 2021 by Sneh Thakur, Manish Raj, and Rajat Singh, InPrime Finserv is dedicated to catering to India’s informal prime households. These households represent aspirational clients who possess steady incomes and a significant desire for upward mobility. This demographic encompasses micro and nano entrepreneurs, self-employed professionals, small business owners, as well as individuals involved in farming and related agricultural sectors.

Expansion Goals

Over the forthcoming year, the company is targeting expansion to approximately 50 new locations, effectively broadening its presence across Karnataka, Uttar Pradesh, Rajasthan, and Haryana.

Impact and Future Growth Strategy

Since its inception, InPrime Finserv claims to have supported over 7,500 households by offering nearly Rs 100 crores in credit to the emerging middle class. Additionally, the company is looking to explore strategic co-lending partnerships to enhance and diversify its capital base.