Mumbai-based online lending startup SMECorner has raised about $12.6 million (Rs 90 crore) in a fresh round of funding led by Quona Capital, per an announcement.
Of the total funding, Rs 35 crore equity capital has been infused by Accion Frontier Inclusion Fund managed by Quona Capital, while Rs 10 crore has come from existing investors including Accion Venture Lab.
Apart from this, about Rs 45 crore has been extended as debt from leading financial institutions.
The funding proceeds will be used for geographical expansion with 40 new tier-2 and tier 3 cities targeted in the next one year. The funds shall also be utilised for further simplifying the technology front for its customers, the startup said in a statement.