SME lending company NeoGrowth introduces its diGibizz platform

By Edil Corneille

NeoGrowth Credit, an SME lending company in India, recently launched diGibizz, an end-to-end platform to help small businesses become digital-ready. The company aims to help over 200,000 SMEs double their turnover in 3 years by offering access to digital solutions through business solution providers.

With the diGibizz platform, the company aims to provide consultation and technology solutions that help small businesses scale up and become profitable. After a quick analysis, a customised solution will be provided to business owners. This could be financial, non-financial, or a combination of both depending on the gaps that small business owners have identified through the diGibizz Digit-O-Meter smart analysis.

“NeoGrowth has always focused on creating a positive social impact by lending to first-gen entrepreneurs, assisting women entrepreneurs, and supporting our customers to create jobs and improve credit scores through our loans. With the shift to e-commerce, online bill payments & e-groceries since Covid, our diGibizz platform will become more relevant to customers. DiGibizz is our endeavour to digitally enable small businesses to transform themselves and drive business growth in the new normal. With diGibizz and other suite of offerings, we are aiming to reach Rs 2,000 crore of AUM by FY22,” said Piyush Khaitan, Founder & Managing Director, NeoGrowth Credit Pvt. Ltd.

The platform was conceptualised based on research done during the COVID-19 pandemic that small businesses need to digitise their offerings to meet stiff competition from big brands and shopping apps and portals.

Headquartered in Mumbai, the company serves 70+ industries with a presence across 27 cities in India. NeoGrowth has disbursed over INR 60 billion in loans to 28,000 customers to date. The company disbursed loans to first-generation entrepreneurs, women entrepreneurs, and first-time borrowers. On the technology front, it has heavily invested in analytics, machine learning, digitisation of the customer journey and digitally verified alternate sources of data, which has helped it reduce the turnaround time for loan sanctions and underwrite basis various types of alternate data.