Mumbai, 25th April, 2018:CARE Ratings has revised the rating of NeoGrowth Credit’s Non-convertible Debentures aggregating to Rs.140.60 crore from CARE BBB to CARE BBB+, signifying a stable outlook for the company.
The rating revision factors in the sizeable capital infusion of Rs.300 crore in the company which has significantly improved the capitalization levels of the company. The rating document is available on the rating agency’s website. The rating also factors in the extensive experience of the promoters and the management team in the industry and the comfortable liquidity profile.
NeoGrowth Credit Pvt. Ltd. (NCPL) is an RBI registered NBFC-ND offering customized loans to the retail and small and medium sized businesses against future credit card and debit card sales.
NCPL started its business in August 2013 and has a unique business model as it offers unsecured loans to its customers as per their requirement based on point-of-sale (POS) machine sales. It has a first mover advantage with this lending solution, which uses alternate data sets for quick disbursals.
The Company is backed by leading VC and Private Equity investors like Omidyar Networks, Aspada, Khosla Impact Fund, Quona Capital (Accion Frontier Inclusion Fund), IIFL Seed Ventures, and LeapFrog Investments.