The raised capital will be used to cater to new industry verticals within the small and micro sector as well as expand to other areas in the country.
The funds will be used to add insurance schemes & the National Pension System, improve its technology, expand its team and accelerate customer acquisition.
The company raised this sum between August and September this year in multiple tranches from the investors.
OfBusiness will use the capital to expand its footprint, and increase its loan disbursal rate by reaching out to more small businesses in underserved regions.
The startup will use the raised capital for expansion in non-metro cities, and will also look to increase its loan book size.