IntelleGrow eyes fresh funding; may raise up to Rs 200 crore

Mumbai-based debt financing firm IntelleGrow today said it is in talks to raise funds to the tune of Rs 200 crore through long-term debt, non-convertible debentures and equity over the next 15-20 months.
Earlier in March this year, the firm had raised Rs 28 crore from Dell Inc CEO Michael Dell and eBay Inc founder Pierre Omidyar.
Omidyar Network, a philanthropic investment firm founded by Omidyar and his wife Pam, has invested Rs 25 crore in IntelleGrow, while Michael, who took the US-based computer maker Dell private last year, has invested Rs 3 crore through the Michael and Susan Dell Foundation.

"The company has held discussions with numerous global investors and international development agencies. The actual amount it will raise may vary from Rs 150-200 crore between long-term debt, non-convertible debentures and equity over the next 15-20 months," it said in a statement.
IntelleGrow has so far disbursed over 65 loans, totalling more than USD 15 million to SMEs across India, it added.
Promoted by Intellecap and registered as a Non-Banking Finance Company (NBFC), IntelleGrow uses a model that unlocks capital for innovative entrepreneurs.
IntelleGrow provides viability-based debt financing to fast growing early-stage enterprises with a turnover of less than Rs 50 crore and at least 12 months of track record. It also provides customised financing solutions using flexible repayment schedules linked to cash flows.

It has a target to deploy more than USD 30 million (Rs 250 crore) by 2015.