Michael Dell, eBay founder invest in Indian debt financing company
Dell Inc CEO Michael Dell and eBay founder Pierre Omidyar have invested Rs 28 crore in the Mumbai-based debt financing firm IntelleGrow.
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.
IntelleGrow provides customised debt finance to small and emerging businesses in India, focusing on sectors like clean energy, agricultural supply chain, education, financial inclusion, affordable healthcare and water and sanitation.
The firm, in a statement today, said: "It has raised Rs 25 crore from Omidyar Network and Rs 3 crore from the Michael & Susan Dell Foundation."
At present, IntelleGrow has disbursed over 60 loans, totalling more than Rs 60 crore on SMEs across India.
Promoted by Intellecap and registered as a non-banking finance company (NBFC), IntelleGrow uses a model that unlocks capital for innovative entrepreneurs.
