IntelleGrow, a Mumbai-based debt financing company that works to catalyze the growth of small and midsize enterprises (SMEs) in India, has announced investments totaling approximately $4.6 million (280 million Indian rupees) from Omidyar Network and the Michael & Susan Dell Foundation.
Awards of $4.1 million (250 million INR) from ON and $492,000 (30 million INR) from the Dell Foundation follow founding investments in the company made in 2013 by the Dell Foundation, the Shell Foundation, and Intellecap. To date, IntelleGrow, which provides customized financing solutions using flexible repayment schedules linked to cash flows, has made more than sixty loans totaling $9.8 million (600 million INR) to fast-growing early-stage SMEs across India.
"Businesses in their early stages need debt at the right time to sustain and create value and not only just be dependent upon equity," said IntelleGrow CEO Sanjib Jha. "We know there are literally hundreds of worthy companies to meet and engage with in India. Unlocking capital for these companies means unlocking solutions to India's development challenges. With investment from the Omidyar Network, we have found a new partner in this work — a partner that endorses our model and our track record and joins other notable investors like Michael & Susan Dell Foundation."