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2013-02-13

Intellegrow raises Rs 10 cr from Michael and Susan Dell Foundation

Intellegrow, a debt financier to small businesses, in a statement said that it has raised Rs 10 crore from the Michael and Susan Dell Foundation for an undisclosed stake.

Intellegrow, a debt financier to small businesses, in a statement said that it has raised Rs 10 crore from the Michael and Susan Dell Foundation for an undisclosed stake.

The registered non-bank lender company, which provides venture debt and skills support to small and medium enterprises, has raised the sum in a Series A funding, as per the statement.

The company has already disbursed 20 loans of Rs 15 crore among SMEs in diverse sectors like waste water recycling, clean energy solutions, low-cost irrigation, rural healthcare, rural electrification and non-credit financial inclusion.

SMEs contribute 22 per cent to the GDP of the country and provide employment to very large number of people, yet face difficulties in getting finance, the statement added.

“Formal lenders typically engage in traditional collateral-based lending to enterprises operating in established industries and require at least three years of profitable track record,” it said.

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