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Kolkata: Non-banking finance company Northern Arc Capital has raised $25 million debt from Dutch impact investor FMO, making it the second debt mobilisation from overseas investors in as many months. Last month, it raised $10 million from the US-based Calvert Impact Capital. The infusion by overseas investors marks their confidence on India s grassroots loan market despite the headwinds amid the pandemic. The funding from FMO will be used for on-lending to financial institutions that focus on women borrowers, micro-entrepreneurs and small enterprises, Northern Arc chief operating officer Bama Balakrishnan said. Microfinance borrowers in both urban and rural areas will be key beneficiaries of FMO’s investment. ....
Meet the newest unicorn of India CRED CRED is the sixth startup to turn unicorn this year after insurtech startup Digit Insurance, SaaS startup InnovAccer, and NBFC Five Star Finance, social commerce platform Meesho, and B2B commerce company Infra.Market. 0 claps Yet another Indian startup enters the unicorn club. The latest entrant to the coveted $1 billion valuation club is Bengaluru-headquartered fintech startup CRED. Following the closure of its Series D funding round at $215 million, CRED s valuation almost tripled from $800 million to $2.2 billion. The round was led by a new investor Falcon Edge Capital along with existing investor Coatue Management. ....