In a significant move towards fostering financial inclusion, Lok Capital has spearheaded an INR 50 crore ($6 million) Series A funding round for GrowXCD Finance, a burgeoning fintech startup. The initial tranche of INR 30 crore has already been successfully secured, marking a pivotal moment for the Chennai-based company.
Founded in 2022 by visionary entrepreneur Muralidharan, GrowXCD Finance is dedicated to addressing the credit gap prevalent among micro, small, and medium enterprises, especially in non-urban areas. Armed with a non-banking financial company license from the Reserve Bank of India since April, the company has strategically positioned itself with ten operational branches across Tamil Nadu, with its flagship branch in Thiruvannamalai.
The infusion of funds, earmarked for setting up a dynamic team, technological advancements, and geographical expansion, comes at a crucial juncture for GrowXCD Finance. The startup envisions leveraging technology to bridge the financial accessibility divide for businesses in tier-2 and tier-3 locations.
Lok Capital, a key player in the investment landscape, is known for its strategic investments spanning financial services, agri-tech, health-tech, and climate-tech. With a robust portfolio that includes Fincap, MoneyView, Aquaconnect, and SuperBottoms, Lok Capital is reaffirming its commitment to driving transformative change across diverse sectors.
As GrowXCD Finance embarks on its mission to empower underserved businesses, the collaboration with Lok Capital signifies a significant boost in capital. It brings forth the potential for groundbreaking advancements in the fintech landscape. The following 12-18 months are poised to witness GrowXCD Finance’s evolution as a critical player in the financial inclusion narrative, facilitated by Lok Capital’s strategic investment and the startup’s unwavering commitment to leveraging technology for societal impact.
