[Funding alert] SSA Finserv raises $3M from Blue Ashva Capital to expand MSME lending operations
Summary
Small businesses-focused non-banking lender SSA Finserv has raised $3 million (around Rs 21 crore) from Blue Ashva Capital. SSA Finserv, founded in June 2019 by Vikas Agarwal in Mumbai, specialises in providing customised finance to small businesses through cash-flow based loan products. Blue Ashva Capital backs sustainable and profitable businesses that help solve real challenges in sectors like agriculture, decarbonisation, circular economy, and small businesses. With factories shutting down, freeze in production, and disruption in supply chains, small businesses have been facing the heat of the coronavirus pandemic. Moreover, MSMEs’ sizable contribution to the GDP and exports, which is around 30 percent and 45 percent, respectively, is another reason why the Indian economy is feeling the burden of several MSMEs toppled due to the pandemic.