Investment Firm WestBridge and Other Parties Provide Series B Funding to FinBox
FinBox, a fintech startup founded in 2017 by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar, has announced the successful completion of its Series B funding round. The funding, led by WestBridge Capital, also saw participation from existing investors A91 Partners and Aditya Birla Ventures, along with other new investors.
The funding round, which totals $40 million (approximately Rs 350 crore), will be used to accelerate investments in technology, fuel international expansion, and deepen product offerings. The fresh capital will also help FinBox expand the portfolio of solutions to build agentic artificial intelligence workflows.
FinBox's focus remains on digitizing lending through its AI-native digital lending platform. The startup enables platforms in the fintech and non-fintech domains to launch digital credit products like buy-now-pay-later (BNPL), personal loans, working capital loans, and invoice financing.
In the financial year ended March 2024, FinBox posted a net loss of around Rs 34 crore, following a net loss of around Rs 23 crore in the previous year. However, the company has made significant strides since its inception, with net sales clocking Rs 48 crore in the financial year ended March 2024, a nine-fold increase from the FY21 figure.
Despite the losses in the past few years, including a net profit of nearly Rs 43 lakh in the financial year ended March 2021, Nagar, a co-founder of FinBox, has expressed optimism. In a recent interaction, he disclosed the company's plans to break even by the June quarter and intends to clock a revenue growth of 100% on a yearly basis.
FinBox has also been developing a fraud intelligence suite and aims to help lenders manage risk with its data and suite of application programming interface offerings. The startup has helped disburse over Rs 10,000 crore through its various product offerings, but has not yet disclosed its financials for 2024-25.
The funding round includes primary capital infusion into FinBox and secondary transactions with existing shareholders. The investment comes at a time when the fintech industry is witnessing rapid growth, with many startups focusing on digitizing financial services and providing innovative solutions to traditional banking and lending practices.
With this funding, FinBox is poised to make significant strides in the fintech industry and continue its mission to digitize lending and provide innovative credit solutions to its customers.
Read also:
- Rachel Reeves conducts a discussion with Scott Bessent and financial executives, focusing on investment matters
- Strategic approach to eco-friendly nickel production for electric vehicles in Europe
- Week 39/24 Highlights: Tesla CEO's visit, Robo-taxi buzz, Full Self-Driving study, Affordable electric cars, and European pricing less than €30,000
- Solar energy company, Imperium, alongside QORAY Mobility & Energies Solar Business, bolsters Nigeria's environmental future by producing superior solar panels domestically and offering flexible payment options.
