Finodaya Capital, a newly minted non-banking financial company (NBFC) based in Madhya Pradesh, has raised $2.5 million in its seed funding round. The round was led by White Venture Capital, with additional backing from Gemba Capital and a group of angel investors. The funding pegs the company’s post-money valuation at Rs 50 crore, according to an Economic Times report.
This marks a big milestone for the startup, which just received its NBFC license from the Reserve Bank of India on April 11. With the license in hand, Finodaya is setting out to make a difference in the lives of small businesses and micro-entrepreneurs across India by offering microloans against property—an area where access to formal credit remains limited.
Founded by Lokendra Tomar, Abhitabh Dixit, and Neeraj Biyani, all of whom come with solid experience from their time at ICICI Bank, the team is passionate about creating financial opportunities for those who are often overlooked by traditional lenders. Their approach blends technology with a physical branch presence—a “phygital” model—to make borrowing simpler, faster, and more accessible, even in smaller towns.
“Our goal is to help micro and nano enterprises not just survive, but grow by giving them access to secured credit,” said one of the founders. “We want to be the bridge that helps them enter the formal financial ecosystem.”
Finodaya is hitting the ground running. Over the next six months, they plan to open 15 branches in Madhya Pradesh, to disburse loans worth Rs 50–100 crore by 2026.
Before becoming an NBFC, the company operated through a partnership with Utkarsh Small Finance Bank. Now, with this fresh funding, it’s also looking to collaborate with other lenders through co-lending arrangements.
The timing couldn’t be better. As India continues to digitise and modernise its financial infrastructure, there’s growing momentum around property-backed lending and bringing underserved borrowers into the credit fold. With its experienced team and clear focus, Finodaya is well-positioned to play a meaningful role in that journey.
