Olyv, a digital finance company focused on customers in smaller cities and towns across India, has raised $23 million (about Rs 208 crore) in Series B funding, led by The Fundamentum Partnership, founded by IT czar Nandan Nilekani.
The round also saw participation from SMBC Asia Rising Fund, the investment arm of Japan’s Sumitomo Mitsui Banking Corporation, one of the country’s largest banks.
The company said the new funds will be used to grow its business; launch new products in insurance, UPI payments, and business loans; improve its technology, and strengthen its brand.
“At Olyv, technology and data come together to create real impact,” said Rohit Garg, co-founder and CEO of Olyv, in a media statement.
“We are democratising access to credit for the next billion hardworking and underserved Indians, fostering financial inclusion and nurturing their aspirations,” he added.
Established in 2016, Olyv offers digital lending and financial management products, including personal loans, gold savings, and credit monitoring.
The company claims to have nearly 2 million monthly active users and more than 50 million app downloads. It says it serves customers across over 19,000 pin codes in India.
So far, it has reportedly disbursed 70 lakh loans and facilitated transactions worth more than Rs 10,000 crore, per its statement. The company added that it has been profitable for the past 11 quarters. It aims to reach 100 million users and manage over $1 billion in assets by FY29.
“What makes this moment particularly relevant is the broader shift underway in India’s lending landscape. The ecosystem is entering its next phase of maturity, supported by the foundational rails of India Stack,” said Mayank Kachhwaha, Investor and Fintech Thesis Lead at Fundamentum.
Unitus Capital acted as the exclusive financial advisor to Olyv for this transaction.
Since its inception, Olyv has raised $25 million in equity and $100 million in debt from marquee global and Indian fintech-focused investors including Lightrock, Unicorn India Ventures, India SME Investments, and reputed family offices including Gauri Khan’s Family Office and prominent entrepreneurs and sports personalities, creating a robust financial foundation for the company’s next leap.
“As the personal loan market grows rapidly, ensuring effective credit assessment and risk management for young and middle-income consumers with limited credit histories is essential. Olyv addresses this…,” said Keiji Matsunaga, General Manager of Digital Strategy Department at SMBC.
