Aspada Investment Company has made an investment of INR 10 Crore (USD $1.62 million) in Mumbai based NeoGrowth Credit, a nonbank financial company (NBFC) that extends short term working capital and inventory loans to small merchants in India against future credit and debit card sales.
NEOGROWTH CREDIT PVT LTD
“Small businesses are the backbone of the Indian economy, yet there are hundreds of thousands of small merchants in India that are excluded from formal credit and banking channels. Extending transparent, timely, and scalable financial offerings to this segment will help to spur business creation in a large market that has had to largely rely on informal sources of capital,” said Piyush Khaitan, Co-Founder and Managing Director of NeoGrowth Credit.
The Aspada Investment Company is backed with a significant commitment from the Soros Economic Development Fund (SEDF) and works to promote economic opportunity and development in India. Aspada Investment Company is advised by Aspada Investment Advisors, led by Kartik Srivatsa and Thomas Hyland.
In April 2013, Aspada Investment Company announced an investment in an end-to-end fresh vegetable supply chain company, Lawrencedale Agri Processing, which operates in South India to aggregate fresh produce at the farm gate and sells to retail consumers in major markets under the LEAF brand.
In January 2014 Aspada Investment Company announced an investment in ThinkLink Supply Chain Services, a provider of turnkey project management, design, skill development, and staffing services in India’s logistics and supply chain sectors. In addition, Aspada Capital Advisors also advises the portfolio of the SONG Fund, an early-stage venture capital firm funded by the Soros Economic Development Fund, Omidyar Network, and Google.