Jaipur based non-banking financial company, Finova Capital has collectively raised $55 million in series C round of funding. While it raised $35 million from Sequoia Capital India and Faering Capital, the additional $20 million was infused by a clutch of other lenders.

The NBFC had earlier raised $6 million and $15 million respectively in series B and series A funding. The company intends to utilize the fresh infusion of capital to widen its

market presence and expand access to credit for the unbanked population.

Founded in 2016, Finova Capital in an NBFC licensed by Reserve bank of India. The firm renders loans to micro-entrepreneurs and semi-skilled professionals, who have nil or limited access to lending from formal financing institutions.

Founded by Mohit Sahney and Sunita Sahney, Finova has over 11,000 customers, 100 branches across Rajasthan, Madhya Pradesh, Uttar Pradesh, and Delhi. The company currently has INR 460 worth Asset Under Management. “We have come a long way in the last four years, identifying the needs of our target segment and efficiently serving them, while being profitable from the beginning,” said Mohit Sahney, Founder and CEO, Finova.

“The current credit gap for MSMEs in India is estimated at $380 billion. Finova is playing a significant role in bridging this gap to enable and empower these businesses, which are a critical contributor to the Indian GDP and employment,” said Ishaan Mittal, Principal, Sequoia Capital India LLP.