NeoGrowth, a digital lender focused on micro, small and medium enterprises (MSMEs) in India, has made significant strides in supporting women entrepreneurs.
In the financial year 2024, the company disbursed over Rs 650 crore in loans to women-led MSMEs.
The figure represents a 34% increase compared to the previous fiscal year, highlighting the growing demand and NeoGrowth’s commitment to the financial inclusion of women entrepreneurs.
The amount represents 23% of NeoGrowth’s total loan disbursements of Rs 2,863 crore for FY24.
Impact on women-owned MSMEs
According to NeoGrowth’s 2024 Impact Report, over 3,600 women-owned MSMEs benefited from these business loans.
The company says it served a customer base of more than 16,000 people in the fiscal year and that women-led businesses played a crucial role in the company’s broader mission of fostering an inclusive economy.
Sustainable Development Goals
NeoGrowth’s business activities align with six of the United Nations Sustainable Development Goals (SDGs), reflecting its broader commitment to contributing to social and environmental progress.
The company has placed particular focus on key SDGs including gender equality, industry, innovation and infrastructure, and decent work and economic growth.
NeoGrowth’s strategy is designed to ensure that its lending solutions support the growth of Indian MSMEs and also contribute to broader social and environmental goals.
This holistic approach ensures that every loan granted has a positive ripple effect, leading to job creation, improved credit scores and increased female entrepreneurship.
Expansion into second-tier cities and startups
The company has also made significant strides in supporting SMEs in tier-2 cities, disbursing close to Rs 835 crore in these regions. Additionally, 41% of NeoGrowth’s total loans were given to small startups that have been operational for five years or less.
The focus on newer companies and underserved regions highlights NeoGrowth’s dedication to reaching entrepreneurs who are often overlooked by traditional financial institutions.
Highlighting the company’s mission, Arun Nayyar, MD & CEO, NeoGrowth, said, “At NeoGrowth, our mission is to create a sustainable, inclusive and purpose-driven ecosystem for SMEs in India… Our unwavering commitment to empowering first-generation entrepreneurs, supporting women-led businesses and fostering financial inclusion contributes to a vibrant and inclusive economy.”
NeoGrowth claims to have a presence in over 25 cities and caters to over 75 segments of the SME industry. Since its inception, the firm has disbursed over $1.4 billion.
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