NBFC Firm Digikredit Finance Pvt Ltd which is operating under the trade name SMECorner has raised Rs 90 crore to catalyse MSME financing. According to reports, out of Rs 90 crore, Rs 35 crore of equity was infused by Accion Frontier Inclusion Fund managed by Quona Capital and the balance equity was infused by the existing investors including Accion Venture Lab.
SMECorner is a new age NBFC that aims at providing easy and quick access to financial services to MSME sector. It has till date raised around Rs 200 crores in debt and equity and plans to raise additional rounds of equity and debt funding in the ensuing fiscal. The total debt and equity fund raised is expected to cross Rs 500 crore by end of next fiscal year.
SMECorner is built in-house and customised to suit the needs of the MSMEs. It claims to have brought down the loan approval turnaround time to an average of three days as against traditional banks that take in excess of two weeks.