NeoGrowth aims to digitise 2 lakh small businesses in FY’22
Mumbai, February 24, 2021: NeoGrowth Credit Pvt. Ltd., a pioneer in SME lending in India, today announced the launch of an end-to-end platform to help SMEs become digital-ready. The company aims to help over 2 lakh SMEs meet their financial and non-financial business needs by offering access to integrated, best-in-class digital solutions.
The platform was conceptualised based on a research done during the pandemic that emphasized the crying need of small businesses to digitise their operations, as they faced stiff competition from big brands and online apps and portals.
The DiGibizz platform, powered by an in-house expert recommendation engine, guides any small business owner to evaluate his or her business’ digital readiness. Based on this evaluation, the recommendation engine Digit-O-Meter provides a customized report of practical measures to become digital-ready. Not only this, the platform also offers a many choices of execution partners with best-in-class business solutions for digital enablement of small businesses. These include PayU, Snapbizz, FloBiz, Near.Store, Apna.co, Mobicommerce, Go Digit, Religare, BrandPulse Marketing Services, Pinnacle Management & Utility Services, Accunity Services, Smartech Electronics, Syrow, Vakilsearch, DigiHealth etc.
“NeoGrowth has always focused on creating a positive social impact by lending to first-generation entrepreneurs, assisting women entrepreneurs, and supporting our customers to create jobs and improve credit scores through our loans. We understand the growth, financing, manpower and other challenges that small business owners in India face. DiGibizz is our endeavour to digitally enable small businesses to overcome these challenges and drive business growth in the new normal.” said Mr. Piyush Khaitan, Founder & Managing Director, NeoGrowth Credit Pvt. Ltd.
Ms. Reshma Deokar, owner of Advait Medical & General Store, Mumbai, one of the first customers of the platform, said, “In the fast-evolving pharma sector, diGibizz has supported a woman entrepreneur like me at the right time to upgrade my business. Today, my business has grown to the next level with NeoGrowth’s support.”
Headquartered in Mumbai, the company serves 70+ industries with a presence across 27 cities in India. NeoGrowth has disbursed over INR 6,000 crores loans to 28,000 customers till date. To create a greater social impact by providing easy finance to under-served markets with advanced tech-solutions, the company disbursed loans to first-generation entrepreneurs, women entrepreneurs, and first-time borrowers. On the technology front, it has heavily invested in analytics, machine learning, digitisation of customer journey and digitally verified alternate sources of data, which has helped it reduce the turnaround time for loan sanctions and underwrite basis various types of alternate data. It provides financing to retailers, restaurants, apparel shops, kirana stores, petrol pumps, groceries, pharmacies and other MSMEs with flexible repayment options and customized products addressing multiple business needs.
