New Delhi, Oct. 21 -- Premji Invest, Norwest, and Lok Capital will invest up to Rs.1,000 crore in Vegafin, an artificial intelligence (AI)-driven platform focused on micro, small, and medium enterprise (MSME) lending. The firm was founded and promoted by ICICI Bank veteran Bijith Bhaskar.

A portion of the funds has been used to acquire a majority stake in Bizloan, a Gurugram-based non-banking financial company (NBFC) specializing in secured MSME loans, according to a joint statement. The remaining capital will fund platform development and broader expansion.

Vegafin plans to build a technology-led MSME lending platform differentiated by AI-driven underwriting, digital workflows and data-led credit decisioning, complemented by deep on-gr...