Ranjan Pai-Backed Finnable To Raise INR 30 Cr From TVS Capital, Others

Ranjan Pai-backed lending startup Finnable is set to raise INR 30.5 Cr (about $3.5 Mn) in a Series B funding round. 

According to regulatory filings, the funding round will be led by TVS Capital and Malpani Group along with a few other investors.

Entrackr reported the development first.

For the same, the company’s board approved a special resolution to issue 92,831 preference shares at an issue price of INR 3,290.95 each, totaling to INR 30.55 Cr, according to two separate regulatory filings. 

Of the total Series B round, TVS Capital will invest about INR 19.4 Cr while Malpani Group will infuse INR 4.7 Cr into the company. 

Founded in 2015 by Nitin Gupta, Viraj Tyagi and Amit Arora, Finnable is a personal loan app that provides quick, paperless loans ranging from INR 25,000 to INR 10 Lakhs. 

In 2021, Ranjan Pai-led MEMG family office invested INR 40 Cr in the company, acquiring a minority stake. 

This comes at a time when the Indian startup ecosystem is seeing traction lately, with an increased focus from the central government in the segment. The government has been engaged in facilitating term loans to MSMEs as well. 

Most recently, in its FY26 Union Budget, the government announced an enhanced credit guarantee for micro and small enterprises from INR 5 Cr to 10 Cr.

While for startups, the credit guarantee has been enhanced from INR 10 Cr to 20 Cr, with the guarantee fee moderated to 1% for loans in “27 focus sectors important for Atmanirbhar Bharat.”

Meanwhile, in January this year, ecommerce major Amazon announced acquisition of digital lending startup axio (formerly known as Capital Float).

The same month, Mumbai-based Infinity Fincorp Solutions raised $35 Mn (around INR 300 Cr) in Series A funding round, led by existing investor Jungle Ventures to boost its micro, small and medium enterprises (MSMEs) lending outreach.