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JM +P, AZB Mumbai, Tatva on fin-tech startup SMECorner’s $7m funding from Capital First, other existing investors

Online micro-lending platform SMECorner, operated by DigiKredit Finance has raised around Rs 47.5 crores (approximately $7m) through a mix of equity and debt from Capital First, existing investor Accion Africa-Asia Investment Company along with investment from a clutch of high net worth individuals, reported VC Circle and The Economic Times. Post the investment, the estimated stake to be held by Capital First would be 14.2%.

Jerome Merchant + Partners advised SMECorner in the deal, led by partner Sameer Sibal and associate Rishabh Amber Gupta.

A Mumbai team of AZB & Partners acted for Capital First and was led by partner Vaidhyanadhan Iyer and associate Soumalya Saha.

Tatva Legal Mumbai represented existing investor Accion Africa-Asia Investment Company in the fundraising and the team was led by partner Anu Iyer.

Incorporated in November 2013, Digikredit, through its digital lending platform, SMECorner enables small and medium enterprises to access loans from banks and NBFCs. It was also reported that the Mumbai-based startup expects to utilize the funding to scale its loan book by expanding its offline branches and leveraging technology, while also planning to raise another equity round of $10m to $20m by the end of this year and separately another $15m in debt.

2018-06-20

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