True Credits - NBFC and an affiliate of an RBI-authorised lending company True Balance - on Tuesday announced a debt fundraise of $30 million (about Rs 223.2 crore) from investors, including Northern Arc, Arthmate, Shine Star and others.
With this, the total debt fund raised stood at $55 million in FY2021, a statement said.
This third round of investment has come from the mix of new and existing investors namely, Northern Arc, Arthmate, Shine Star, E clear and Hinduja, and other Korean investors to support the company's growth in India, it added.
“Our resolve to make finance available for all, gets strengthened with each round of debt fund we raise. The pandemic has brought out the major gap which highlights how the traditional banking system has not been able to fulfill the credit needs of many Indian users,'' True Balance Chief Financial Officer Vishal Bhatia said.
He added that True Balance aims to be the one-stop-solution and financial partner for the new to credit users.
(With inputs from PTI)
