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NeoGrowth delivers strong performance in Q2 FY24; Assets Under Management up by 49% to INR 2,298 Crore with double-digit Return on Equity



NeoGrowth was founded by Dhruv Khaitan and Piyush Khaitan a decade ago. NeoGrowth is a new-age lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). It is a Systemically Important, Non-Deposit taking Non- Banking Financial Company (NBFC-ND-SI), offering a wide range of products tailored to the dynamic needs of small businesses. Its data science and technology-led approach enable it to offer quick and hassle-free loans to MSMEs across 75+ segments across 25+ locations in India. NeoGrowth offers a unique daily repayment option to its customers with multi-channel repayment modes. It has served and engaged with 1,50,000+ businesses and supported them with their growth ambitions. It not only helps small businesses grow but also drives financial inclusion making a positive social impact.

Founded by industry veterans, its Board of Directors comprises experts, who guide the leadership team toward its strategic goals. NeoGrowth is also backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, 360 One Asset, WestBridge, FMO, and Leapfrog Investments. For more details,

Mumbai, October 30th, 2023: NeoGrowth, the MSME-focused digital lender in India, announced its financial results for the second quarter ended September 30th, 2023.

  • Assets Under Management of INR 2, 298 Crore for the quarter ended September 30, 2023
  • Gross Revenue of INR 146 Crore, up by 60%
  • Return on Assets (RoA) at 3.4% & Return on Equity (RoE) of 12.3%
  • Net NPA at 1.6
  • Performance Highlights of Q2 July’23 – September’23:
  • Asset under management (AUM) up by 49% YOY to INR 2,298 Crore
  • Disbursements increased by 40% to INR 674 Crore from INR 483 Crore in the same period last FY
  • Capital adequacy (CRAR) at 30.4%, well above the regulatory requirement of 15%
  • Net non-performing assets (NNPAs) at 1.6%
  • Return on assets (ROA) at 3.4%
  • Operating cost to net revenue at 37.1%
  • Return on Equity (ROE) at 12.3%
  • Profit before Tax (PBT) at INR 25 Crore in Q2 FY24

    Mr. Arun Nayyar, Managing Director & CEO, NeoGrowth, said:
    “We are proud to have achieved a significant milestone in our journey towards profitable growth. The Q2 FY24 results demonstrate our continued focus on growth and profitability. Our strong performance highlights our commitment to keeping it simple for our customers with innovative product offerings. With our strong data science and analytics capabilities, we continue to strengthen our customer selection process and risk management. We are confident of the future and will continue to power ahead by harnessing the strength of the Digital Public Infrastructure and maintaining the highest levels of governance.”

    Notes: Net Revenue = Total Income – Finance cost
    Return on Equity = Profit after tax/Average
    Net Worth Return on Assets = Profit after tax/Avg. Assets Under Management

    Disclaimer: “The above is an extract from the unaudited financial results published on our website and is not a statutory advertisement required under SEBI guidelines or any other regulations. The detailed unaudited financials results are available on the website of the Company at or directly at and on the Stock Exchange website at

    NeoGrowth Credit Private Limited |CIN: U51504MH1993PTC251544 |Tel no.: 022 4921 9999 | Email id: Registered Office: 802, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013″

    NeoGrowth currently has ~26,000 active MSME borrowers in 75+ industry segments, across 29 locations. The company has disbursed over INR 11, 000 Crore in loans and engaged with over 1,50,000 MSMEs.

    NeoGrowth follows a flow-based lending model and analyses the digital financial transactions of MSMEs to assess their creditworthiness. The company leverages India’s expanding digital payments ecosystem combined with its own robust data and analytics capabilities. NeoGrowth is among the first in the industry to adopt the Account Aggregator ecosystem. The digital lender’s strong growth is driven by its holistic product suite, robust data-driven underwriting model, deep customer connect, strong data science capabilities, and analytical models across the value chain.

    In December 2022, the company raised INR 300 Crore in Series D fundraise, led by the Dutch entrepreneurial development bank FMO.

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