New Delhi, Sept. 17 -- FinBox, a fintech startup that provides credit infrastructure, said Wednesday it has raised Series B funding led by homegrown private equity firm WestBridge Capital.
The total size of the round was $40 million (about Rs 350 crore), comprising primary capital infusion into FinBox and secondary transactions involving existing shareholders, the company said in a statement.
FinBox, operated by Moshpit Technologies Pvt Ltd, didn't disclose the breakup of the primary and secondary transactions, nor did it reveal the identity of the sellers. However, it said existing investors A91 Partners and Aditya Birla Ventures also took part in the funding round.
The company previously secured funding in June 2022, when it raised $15 million (around Rs 115 crore) in a round led by A91 Partners. The round also saw participation from Aditya Birla Ventures, Flipkart and Arali Ventures.
FinBox said it will utilise the fresh capital to accelerate investments in technology, fuel international expansion, and deepen product offerings.
The company said it is betting big on digitizing lending through its AI-native digital lending platform while continuing to help lenders manage risk with its data and suite of application programming interface offerings. The company will also expand the portfolio of solutions to build agentic artificial intelligence workflows, and a fraud intelligence suite.
FinBox was founded by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar in 2017. It enables platforms in the fintech and non-fintech domains to launch digital credit products like buy-now-pay-later (BNPL), personal loans, working capital loans, and invoice financing. The company has helped disburse over Rs 10,000 crore through its various product offerings.
The startup posted a net profit of nearly Rs 43 lakh in the financial year ended March 2021 but then went on to report a net loss for the next three years.
The company posted net losses of around Rs 1 crore in FY22, Rs 23 crore in FY23, and Rs 34 crore in FY24, according to data from VCCEdge. It clocked net sales of Rs 48 crore in FY24, around nine-times the FY21 figure, according to VCCEdge.
FinBox is yet to disclose financials for 2024-25. In a recent interaction with VCCircle, Nagar had disclosed the company's plans to break even by the June quarter. The company intends to clock a revenue growth of 100% on a yearly basis.
Published by HT Digital Content Services with permission from VC Circle.