In brief: India digital lender raises $12.7m to expand operations

Mumbai-based digital lending startup SMECorner has raised 900 million rupees (US$12.7 million) in debt and equity financing.

A total of 450 million rupees (US$6.3 million) in debt funding came from Northern Arc and Vivriti Finance, while an equity capital of the same value was infused by Quona Capital-managed Accion Frontier Inclusion Fund and existing investors such as Accion Venture Lab.

SMECorner, which lends money to small retailers in nine cities across three states in India, intends to use the proceeds to scale up its operations and reach 30 cities by the next fiscal year.

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