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Over 22% of small businesses that availed loans in FY 2022 were run by women: NeoGrowth Social Impact Report
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MUMBAI, India, Aug. 3, 2022 /PRNewswire/ --  Over 22% of small businesses that availed loans in FY 2022 were run by women, signifying an increase in women business owners, as per the latest annual NeoGrowth Social Impact report.

This report explores the direct positive social impact of NeoGrowth's business activities on employment generation, empowerment of women entrepreneurs, improvement of credit scores, and making credit accessible to MSMEs. This is the 8th edition of the Report, which covers data for FY 2021-22.

With the knowledge of health and wellness at an all-time high even in the MSME community, 92% of the company's 20,000+ borrowers availed healthcare coverage in FY 2021-2022. Loan disbursals to women borrowers have grown exponentially at a CAGR of 72% since FY 2015, signifying gender equality.

The company also supported the Government's financial inclusion agenda, by advancing 60% loans to emerging small businesses that have been in operation for less than or equal to 5 years, 36% to young entrepreneurs below 35 years of age, and 38% loans were small ticket, of less than or equal to INR 10 lakhs.

To delve further into the social impact created, NeoGrowth interviewed 250 customers. 78% of them were first-generation entrepreneurs who traditionally faced barriers to owning and operating businesses due to a severe lack of access to formal finance. Over 50% of the interviewed customers said they had never been able to access loans before NeoGrowth while 45% showed improvement in credit bureau scores after availing loans from NeoGrowth. 18% of the interviewed customers showed an increase in the total number of employees post availing loan, signalling NeoGrowth's impact in creating indirect employment. 84% of interviewed NeoGrowth customers registered an increase in revenue post availing a loan from NeoGrowth, while more than 50% registered a 30% increase in revenue.

Arun Nayyar, Whole Time Director & CEO of NeoGrowth, said, "MSMEs are the drivers of India's economic and social development, and are poised to play a critical role in catapulting India's GDP to realise its USD 5 Trillion dream. It is our responsibility to be a larger catalyst and trusted partner in MSMEs' digital transformation journey and business growth story by facilitating lending to meet the evolving business needs of small and medium businesses across India."

NeoGrowth's loan book has witnessed robust year-on-year growth at a 9-year CAGR (2013-2022) of 140% to INR 1,559 Crore AUM in FY 2021-22, witnessing strong growth despite the unique operating challenges of the pandemic and demonstrating an overall 32-fold increase in the last 8 years. Its 'digital led' model enables the company to cater to a wide range of customers in Tier-I and Tier-II cities, which accounted for about 28% of the total disbursements in FY 2022. Presently, NeoGrowth serves MSMEs in 70+ industries across 25 cities.

Link to Report: https://www.neogrowth.in/social-impact/

About NeoGrowth:

NeoGrowth is a new-age digital lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). We are 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. Our data science and technology-led approach enable us to offer quick and hassle-free loans to MSMEs across 70+ segments across 25+ cities in India. We offer a unique daily repayment option to our customers with multi-channel repayment modes. We have served and engaged with 1,00,000+ businesses and supported them with their growth ambitions. We not only help small businesses grow but also drive financial inclusion making a positive social impact.

Founded by industry veterans, our Board of Directors comprises experts, who guide the leadership team toward our strategic goals. NeoGrowth is backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund, WestBridge, and Leapfrog Investments.

For more details, www.neogrowth.in

Media Contact:
Mansi Munjal
mansi.munjal@neogrowth.in
9930882910

Image: https://mma.prnewswire.com/media/1871585/Social_Impact_Report.jpg
Logo: https://mma.prnewswire.com/media/1871626/NeoGrowth_Logo.jpg

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