Madhya Pradesh-headquartered NBFC Finodaya Capital has raised $2.5 million in a seed funding round led by White Venture Capital, with additional participation from Gemba Capital and a group of angel investors.
The fresh capital brings the company’s post-money valuation to Rs 50 crore, according to The Economic Times.
Finodaya recently obtained its non-banking financial company (NBFC) licence from the Reserve Bank of India on April 11.
With this approval, the company plans to roll out microloans secured against property, primarily targeting small businesses and microenterprises across India.
What sets Finodaya apart is its phygital approach—a hybrid model that merges technology-driven processes with an on-ground branch network to enable efficient credit assessment and disbursal.
The startup was co-founded by Lokendra Tomar, Abhitabh Dixit, and Neeraj Biyani, all seasoned professionals with previous leadership roles at ICICI Bank. Their shared vision is to bridge the credit gap for micro and nano enterprises, helping these underserved segments gain access to formal, secured lending options.
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In the near term, Finodaya is looking to launch 15 branches across Madhya Pradesh within the next six months. The company has set a target to disburse Rs 50–100 crore in loans by 2026.
Prior to acquiring its NBFC licence, Finodaya operated via a business correspondent model in collaboration with Utkarsh Small Finance Bank. The company is now actively exploring co-lending partnerships to scale its operations further.
