NeoGrowth raises ₹85 crore (about $8.8M) led by FMO, with LeapFrog Investments, to expand MSME lending in India

Mumbai-based NeoGrowth has raised ₹85 crore, about $8.8 million, in a mix of equity and debt led by FMO, the Dutch entrepreneurial development bank, with existing investor LeapFrog Investments participating. Regulatory filings reported on 9 October put roughly ₹60 crore of it in equity.

Founded by Dhruv and Piyush Khaitan and led by MD and CEO Arun Nayyar, NeoGrowth is a middle-layer NBFC lending to small businesses across more than 75 segments, with daily repayment options. It manages close to ₹2,000 crore in assets, has served more than 400,000 businesses and has disbursed over ₹16,000 crore. It added 17 branches in FY26, reaching 46.

FMO has lent to NeoGrowth since 2017 and invested $20 million in equity in 2022. Other backers include Omidyar Network, Lightrock, Khosla Impact and Quona Capital. The company also raised close to ₹2,000 crore in debt from 18 lenders between April 2025 and July 2026.