InPrime Finserv, a tech-enabled NBFC, has raised Rs 50 crore ($6.02 million) in a Series A1 funding round. The round was led by Pravega Ventures along with participation from existing investors Z47, InfoEdge Ventures, and Kettleborough VC.
The Bengaluru-based company had previously raised $4.55 million from its existing investors.
The proceeds will be used for expanding into deeper geographies, InPrime Finserv said in a press release.
Co-founded in 2021 by Sneh Thakur, Manish Raj, and Rajat Singh, InPrime Finserv focuses on serving India’s informal prime households aspirational customers with stable incomes and a strong drive for upward mobility. This segment includes micro and nano entrepreneurs, self-employed professionals, small retailers, and those engaged in farming and allied agri sectors.
Over the next 12 months, the company aims to expand its footprint to around 50 locations, resulting in a presence across Karnataka, Uttar Pradesh, Rajasthan, and Haryana.
Since inception, InPrime claims to have served over 7,500 households by providing nearly Rs 100 crores of credit to the emerging middle class. The company plans to explore strategic co-lending partnerships to scale and diversify its capital base.
