GrowXCD Finance Raises Rs 200 Crore to Expand Lending in Tier-II, III Towns
GrowXCD Finance, a non-bank lender catering to small businesses and salaried workers in tier-II and tier-III towns across southern India, has secured Rs 200 crore in an equity funding round. The round was led by Swiss impact investment firm Blue Earth Capital and Prosus Ventures.
The company currently operates 67 branches across five southern Indian states, managing assets under management (AUM) of Rs 300 crore. GrowXCD plans to expand its reach by exploring new markets in Madhya Pradesh, Maharashtra, and Uttar Pradesh.
The funding round saw Blue Earth Capital contribute Rs 105 crore, while Prosus invested Rs 70 crore. Existing backer Lok Capital added Rs 21 crore, making it the single largest shareholder with a cumulative investment of about Rs 93 crore. UC Impower invested the remaining Rs 4 crore. GrowXCD aims to increase its AUM to Rs 500 crore by March 2026 and open 40-50 new branches by March 2027.
The fresh infusion of funds will strengthen GrowXCD's portfolio, expand its branch network, and enhance its technology backbone. This will enable the company to better serve its target customers in tier-II and tier-III towns, supporting their growth and contributing to the overall economic development of the regions.
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