Bengaluru-based NBFC InPrime Finserv has raised $6 Mn in its Series A1 round led by Pravega Ventures with participation from existing investors.
InPrime plans to expand beyond metro cities to target aspirational customers with stable incomes like micro and nano entrepreneurs, self-employed professionals, small retailers, and those in farming or allied sectors.
The NBFC offers collateral-free business loans ranging from INR 50,000 to INR 3 Lakh with a fixed rate of interest of 25% per annum and received an NBFC license from the RBI in April 2023.
As part of the growing trend, more Indian startups are applying for NBFC licenses, with the domestic fintech market expected to reach $2.1 Tn by 2030, lending tech projected to dominate.