Non-banking finance company Infinity Fincorp on Thursday said it has secured an additional $8 million funding from Archerman Capital.
"Infinity Fincorp Solutions (Infinity), a leading RBI-registered NBFC (Non-banking finance company) specialising in tailored property loans for MSMEs has secured an additional $8 million from Archerman Capital as an extension to the $26 million funding round led by Jungle Ventures, a Singapore-based independent VC firm, earlier this month," a statement said.
This brings the total fund raised in the round to $34 million, and the total Assets Under Management of the company to Rs 800 crore ($100 million). Earlier this month, it was announced that Infinity raised $26M in fresh funding led by Jungle Ventures, with participation from Magnifico, a high-net-worth investor group, to accelerate its mission of extending accessible credit to micro-entrepreneurs and small businesses in tier 3 and 4 cities and towns across India.
Infinity Fincorp enables credit access to a diverse range of businesses, including tea shop owners, vegetable vendors, small machine enterprises, besides financially underserved small-scale manufacturers.
The NBFC currently operates through 88 branches across eight states. The company's total loan book stands at Rs 800 crore across over 20,000 customers as of March 2024, and this figure is projected to grow to Rs 1,300 crore ($160 million) by March 2025, the company said.
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