NeoGrowth, based in Mumbai, is a fintech company that lends to small businesses across India. Small businesses in the country face great difficulties in finding financing for inventory and other capital expenses, a gap NeoGrowth seeks to narrow. In this interview, co-founder Piyush Khaitan describes the company’s innovative model as “digital lending against future credit card sales.”
Khaitan goes on to say that the novelty of the model can make it hard to break into the market. Just as NeoGrowth’s technology is helping its clients grow their business, he’s counting on technological solutions for his own challenges. “We find the cost of customer acquisition to be too high,” he says. “How do we use technology to bring it down, so that we can grow even faster?”
Meanwhile, the rewards are many, he says. “When you look at the difference it has made to our customers’ lives, in helping them build a more prosperous business, that’s something that we find very satisfying as well.”
NeoGrowth and the Accion Frontier Inclusion Fund, managed by Quona Capital, have partnered since 2015.