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GLAAS Secures $5M for MSME Lending Expansion
7 Apr
Summary
- GLAAS raised $5 million to boost its NBFC and digital platform integration.
- Devesh Sachdev, formerly of Fusion Finance, joins as co-founder and MD.
- Embedded credit is projected to reach 25% of India's MSME lending by 2030.
GLAAS, a key player in embedded credit infrastructure for MSMEs, announced a $5 million funding round. This investment aims to bolster its in-house NBFC, Gromor Finance, broaden co-lending collaborations, and enhance digital platform integrations across various sectors.
Devesh Sachdev, a seasoned entrepreneur who previously led Fusion Finance to an IPO, has joined GLAAS as co-founder and managing director. His leadership is expected to accelerate the company's growth and solidify its position in the market.
The company's strategy capitalizes on the burgeoning embedded credit market, with projections indicating it could constitute nearly 25% of MSME lending in India by 2030. GLAAS's API-led infrastructure facilitates real-time underwriting and seamless credit delivery.
Since its inception in 2021, GLAAS has disbursed over Rs 1,200 crore to more than 12,000 small businesses, emphasizing its role in transforming working capital access for MSMEs.
