MSME lender NeoGrowth raises $20 mn from Development Finance.
- NeoGrowth, an NBFC focused on MSMEs, received $20 million in external commercial financing from US-based development finance institution International Development Finance Corporation (DFC) (ECB).
- Arun Nayyar, NeoGrowth’s Whole-time Director and CEO, stated DFC financing will be utilised to give clients credit to build the firm.
- MSMEs are promising. According to the MSME Ministry, it accounts for 30% of India’s GDP, 45% of its exports, and the second-largest employment after agriculture.