Finnable Secures Series B Funding of Rs 30.55 Crore

Finnable, a digital lending platform, is poised to raise Rs 30.55 crore ($3.7 million) through a Series B funding round, which is being led by TVS Shriram Growth Fund. Notable participants include Malpani Retails Private Limited, Harsh Anand Jain, Neha Bagaria, Roopjyot Engineering, and several other investors.

Finnable’s board has sanctioned a special resolution to issue 92,831 preference shares at an individual price of Rs 3,290.95, enabling the raise of Rs 30.55 crore, as documented in its regulatory filing accessed from the RoC.

TVS Shriram Growth Fund will invest Rs 19.40 crore, while Malpani Retails will contribute Rs 4.70 crore. Furthermore, Harsh Anand Jain, Neha Bagaria, and other investors will collectively provide the remaining Rs 6.45 crore.

TVS Shriram Growth Fund operates as a private equity growth-expansion fund managed by TVS Capital.

According to insights from startup data intelligence platforms, Finnable’s valuation is expected to reach approximately Rs 866 crore (over $100 million) post-funding allotment.

Post Series B funding, MEMG Family Office LLP will have an 18.69% ownership in Finnable, while Matrix Partners India and TVS Shriram Growth will hold 14.53% and 8.05%, respectively.

Background on Finnable

Founded in 2016 by former bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable operates from Bengaluru, delivering personal loans targeted at salaried professionals. By April 2021, Finnable had successfully raised $5.77 million across three funding rounds from 12 investors, including Manipal Global and MEMG Family Office.

Per various sources, MEMG Group maintained an 18.69% stake in the company according to the latest funding round, while CEO Nitin Gupta held a stake exceeding 24%.

Financial Performance

Although Finnable has not yet submitted its annual report for FY24, the firm posted revenues exceeding Rs 100 crore and reported a loss of Rs 19.51 crore for FY23.