Intellegrow raises Rs 10 crore from Dell Foundation
Intellegrow, a debt financier to small businesses, today said it has raised Rs 10 crore from the Michael and Susan Dell Foundation for an undisclosed stake.
The registered non-bank lender company, which provides venture debt and skills support to small and medium enterprises, has raised the sum in a Series A funding, it said in a statement issued here.
The company has already disbursed 20 loans of Rs 15 crore to small and medium enterprises in diverse sectors like waste water recycling, clean energy solutions, low-cost irrigation, rural healthcare, rural electrification and non-credit financial inclusion, it added.
Intellegrow, which has been founded with support from Shell Foundation, is targeting to build a portfolio of Rs 250 crore by 2015, its Chief Executive Sanjib Jha said.
SMEs contribute 22 per cent to the GDP of the country and provide employment to very large number of people, but yet face difficulties in getting finance, the statement said.
"Formal lenders typically engage in traditional collateral-based lending to enterprises operating in established industries and require at least three years of profitable track record," it said.