Chennai-based non-banking financial company (NBFC) Dugar Finance has raised $5 million (Rs 45 crore) in its pre-Series A round led by HegdInvst, a Category II AIF focused on growth equity investments, per an announcement.
The fresh capital will be deployed across four key areas: strengthening technology infrastructure, advancing analytics-led underwriting and centralised risk systems, and hiring senior talent across critical functions.
Dugar Finance had previously raised $18 million in debt funding led by Swiss-based investor Symbiotics, with participation from leading Indian banks including Union Bank of India and Karur Vysya Bank in December last year.
Led by Ramesh Dugar, Dugar Finance is an impact-driven, non-deposit-taking NBFC with a presence in six Indian states, primarily serving tier 3 and tier 4 markets. The company plans to expand to 10 states over the next three years and aims to grow its assets under management (AUM) from Rs 400 crore currently to Rs 2,000 crore within 3-4 years.
INDIA DEAL MONITOR
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