Social sector-focused non-banking lender IntelleGrow today said it has raised Rs 28 crore from Omdiyar Network and the Michael & Susan Dell Foundation.
Omdiyar led this round of investment with Rs 25 crore, while the Dell Foundation, which has been a shareholder since last year, put in Rs 3 crore, the company said in a statement.
"Businesses in their early stages need debt at the right time to sustain and create value and not only just be dependent on equity," IntelleGrow cheif executive and director Sanjib Jha said.
It provides debt financing to early stage enterprises whose turnover is less than Rs 50 crore and has a year's track record to prove the business model.
IntelleGrow, which is a part of the impact investing fund IntelleCap Group, has financed 60 companies with Rs 60 crore in funding till date, the statement said.
All the entrepreneurs supported by the company till now are first generation ones, while it was the first lender to over 70 per cent of them.
