Neogrowth

About Neogrowth

NeoGrowth Credit is a digital lending platform registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC), specializing in providing credit solutions to Micro, Small, and Medium Enterprises (MSMEs) in India. The company was co-founded in 2011 by brothers Dhruv Khaitan, the Chairman, and Piyush Khaitan, the Managing Director. Arun Nayyar serves as the Managing Director & CEO.

The founders, Piyush and Dhruv Khaitan, come from an entrepreneurial family and have a background in the payments and fintech industry. Before NeoGrowth, they founded Venture Infotek, a prominent payment processing company in India, which they later sold. This experience in digital payments inspired the creation of NeoGrowth, with the idea of leveraging digital payment data to assess creditworthiness and provide financial access to underserved small businesses. Piyush Khaitan holds a Bachelor of Commerce degree and has over 30 years of experience in the fintech sector. Dhruv Khaitan holds a master's degree from the University of California, Berkeley, and a bachelor's in Electrical Engineering from MIT.

NeoGrowth's business model centers on offering both unsecured and secured business loans to small businesses that are often excluded by traditional banks due to a lack of conventional documentation. The company utilizes a proprietary algorithm that analyzes alternative data points, such as digital transactions, point-of-sale (POS) data, and cash flow, to underwrite loans. This technology-driven approach allows for quicker loan disbursements. Revenue is primarily generated from interest income on the loans provided, along with processing fees and late payment penalties.

The company offers a suite of loan products tailored to different needs, including both collateral-free and collateral-based options. Products include 'NeoCash' for retailers with POS machines, 'Vendor Finance' for suppliers to large corporations, and 'Purchase Finance' for traders and manufacturers. Loan amounts can go up to INR 75 lakhs with flexible repayment tenures and options, including daily, weekly, and fortnightly installments. Since its inception, NeoGrowth has disbursed over $1 billion in loans to more than 150,000 MSMEs across various industries and has a presence in over 25 cities in India.