Seeds Fincap, a Gurugram-based non-banking finance company (NBFC), has raised ₹50 crore in a pre-Series B funding round led by existing investors Z47 and Lok Capital.
The round also saw participation from new investors Norinchukin Capital and Alteria Capital.
The fresh capital raised will be used to expand its footprint into new and underserved regions, strengthen its technology and risk infrastructure.
Founded in 2021 by Subhash Chandra Acharya and Avishek Sarkar, Seeds Fincap offers unsecured lending to MSMEs through a network of 120 branches across 8 states.
Its model is anchored in sharp credit underwriting, data-led operations, and a deep understanding of the realities faced by small business owners, and has consistently delivered superior asset quality.
Seeds closed FY 2025 profitably through a combination of discipline and scale. The company has disbursed over ₹1,000 crore in loans, now manages over ₹500 crore in assets, and has maintained NPAs consistently below 2%. Its cash flow-based underwriting, combined with tech-enabled sourcing to collections, allows for high-velocity lending with robust risk controls. Its branches have reached over 50,000 borrowers, many of whom are first-time formal credit recipients, unlocking capital for working capital, business expansion, and livelihood stability.
Seeds is also building a well-diversified loan book, with Loan Against Property (LAP) expected to contribute nearly 20% of AUM in the near term.
Subhash Chandra Acharya, Managing Director and Co-Founder of Seeds Fincap, said, “We see MSME lending not just as financing, but as enabling India’s economic backbone. Our approach—combining advanced analytics, strong field control, and full-stack digitization—allows us to lend responsibly at scale. This round is a strong validation of our model and positions us well for our upcoming Series B.”
Avishek Sarkar, Director and Co-Founder of Seeds Fincap, said, “Serving MSMEs means solving complexity with empathy. We’ve built a culture of execution and contextual intelligence, and we’re seeing that translate into real outcomes on the ground. This funding allows us to continue deepening our reach, expanding our product suite, and scaling responsibly.”
Anish Patil, Vice President at Z47, said, “We are strong believers in the MSME credit opportunity in India. Seeds Fincap’s deep focus on tech-enabled field operations, strong hold on credit underwriting, coupled with rigorous portfolio monitoring and diversified presence, has helped them deliver superlative asset quality in a testing market. The company has demonstrated consistent execution across metrics and we are excited to double down and deepen our partnership. We welcome Norinchukin and Alteria to the cap table and wish Subhash and Avishek godspeed for the next phase of growth.”
Rajat Bansal, Managing Director at Lok Capital, said, “Seeds is delivering the rare combination of high-quality credit, deep market reach, and real impact. In a segment often plagued by high defaults or poor customer understanding, Seeds has demonstrated strong NPA control and consistent execution across geographies. Their ability to bring underserved MSMEs into the fold of formal finance—sustainably and at scale—is what makes them stand out. We’re excited to continue partnering with them on this journey.”
Hiroki Kawabata, Director at Norinchukin Capital, said, “At Norinchukin, we look for partners who can create real-world impact with lasting value, and Seeds Fincap embodies that spirit. Their work with underserved MSMEs reflects not just business potential but a genuine commitment to financial inclusion. What stands out is their ability to stay close to the ground while building scalable, tech-enabled systems. Subhash, Avishek, and the team are driving meaningful change in the sector, and we’re proud to support their vision of empowering small entrepreneurs across India.”
Ankit Agarwal, Managing Partner at Alteria Capital, said, “Seeds Fincap has taken a thoughtful and mission-driven approach to solving the MSME credit gap. What we really value is their deep understanding of customer needs, combined with the discipline to scale responsibly. They’re not just building a lending business, they’re building trust at the grassroots level, one relationship at a time. The team’s ability to blend strong systems, local intelligence, and executional focus is impressive. We’re excited to be part of this journey and support them as they grow into a leading force in inclusive finance.”
