Finova Capital is a non-banking financial company (NBFC) stands for financial innovation.
Finova Capital provides loan to both urban poor & rural poor to meet their productive requirements in starting new business or for growing an existing business.
Finova Capital was founded in 2016 by Mohit Sahney and Sunita Sahney. The company is headquartered in Jaipur, India, with 180 branches spread across 8 states in west, north and central India.
Finova addresses customer segments like micro entrepreneurs and semi-skilled professionals who do not have or have limited access to lending from formal financing institutions. The loans are tailored to the needs of its target segment of small service providers, manufacturers and retailers.
Finova has demonstrated best-in-class asset quality, having built a solid underwriting framework with the use of tech and data analytics and has built a low cost, diversified liability franchisee in North, West and Central India.
Finova has 20,000 plus customers and more than Rs 1,000 crore loan book.
Finova is backed by Sequoia Capital India, Norwest Venture Partners, Faering Capital, Maj Invest, and others. The company raised $65M in new financing on Mar 31, 2022. This brings Finova's total funding to $141M to date.