To fund its expansion plans, Gurugram-based Seeds said it took on debt from financial institutions, such as UC Inclusive Credit Pvt Ltd (UCIC), InCred Financial Services Limited, Ananya, Northern Arc and
Currently, it has 20 lending partners and plans to raise additional funds in the form of debt. “With a milestone of Rs 100 crore reached at the beginning of the financial year, we are confident to achieve our disbursement target of Rs 250 crore in this financial year,” said its co-founder, managing director and CEO, Subhash. Acharya.
The startup serving MSME clients has a presence in Uttar Pradesh, Haryana and Rajasthan with 34 branches in Tier 2 and Tier 3 cities. It has approximately 13,500 clients in the micro, small and medium enterprise sector ( MSME). Of the 13,500 clients financed to date, 59% of businesses are rural and the rest semi-urban and urban.
The company received its license from the RBI in April 2021. However, due to the second wave of COVID-19, it may start full-scale operations in July 2021, the company said.
Seeds said it also tied up with two financial services companies in certain pockets based on a business correspondent model. In the current financial year, it plans to raise Rs 50-60 crore.