NeoGrowth Raises ₹850M Series C+ Backed by LeapFrog Investments and FMO

NeoGrowth, the Mumbai-based digital lender serving Indian MSMEs, has raised ₹850 million in a Series C+ round. The funding date is October 9, 2026. Investors in the round include LeapFrog Investments and FMO.

What NeoGrowth Does

NeoGrowth is a Mumbai-based digital lender, co-founded in 2011 by Dhruv Khaitan and Piyush Khaitan. It provides collateral-free and collateral-based business loans to micro, small and medium enterprises (MSMEs) across India.

The company underwrites borrowers using technology and data analytics on digital payments and point-of-sale (POS) transaction data rather than relying solely on traditional collateral. It offers flexible daily, weekly, fortnightly or monthly repayment schedules.

NeoGrowth says it operates in more than 25 Indian cities, serving over 80 business segments and more than 100,000 businesses.

The Round

Round type: Series C+
Amount: ₹850 million
Currency: INR
Date: October 9, 2026
Investors: LeapFrog Investments, FMO

Why It Matters

The raise extends NeoGrowth's Series C+ stage financing and adds capital from LeapFrog Investments and FMO. The company's approach — underwriting MSME borrowers through digital payments and POS transaction data, with repayment schedules aligned to business cash flows — positions it in the digital lending segment focused on India's small business economy.

Acquisition Angle

NeoGrowth's reach across more than 25 Indian cities, over 80 business segments and more than 100,000 businesses gives it a broad MSME lending footprint. Its data-driven underwriting model, built on digital payments and POS transaction data rather than traditional collateral, is a differentiated asset in the Indian digital lending market.

Company Snapshot

Name: NeoGrowth
Domain: neogrowth.in
Funding stage: Series C+
Description: Mumbai-based digital lender, co-founded in 2011 by Dhruv Khaitan and Piyush Khaitan, providing collateral-free and collateral-based business loans to MSMEs across India. Underwrites borrowers using technology and data analytics on digital payments and POS transaction data rather than relying solely on traditional collateral. Offers flexible daily, weekly, fortnightly or monthly repayment schedules. Operates in more than 25 Indian cities, serving over 80 business segments and more than 100,000 businesses.