Bengaluru-based fintech Olyv has raised ₹208 crore in a Series B round led by Nandan Nilekani's Fundamentum Partnership, with participation from SMBC Asia Rising Fund.
The company plans to use the funds to expand into insurance, UPI and business loans while strengthening its technology and brand presence.
Amid India's fast-growing digital lending market, Olyv aims to scale to 100 million users and cross $1 billion in AUM by FY29.
Fintech Firm Olyv Raises ₹208 Cr Funds from Infosys Co-founder Nilekani & Japan's SMBC
The firm will be using the funds to expand its product portfolio with new offerings across insurance, UPI, and business loans. It will also invest in strengthening its brand equity, and boost tech stack to deliver a more seamless, enhanced experience to customers
Jayant Upadhyay (Co-founder and COO), Amit Chandel (Co-founder and CTO), Rohit Garg (Co-founder and CEO), Vinay Singh (Co-founder and CPO)
Summary
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Bengaluru-based fintech firm, Olyv, has raised $23 million (₹208 crore) in its Series B funding round. The fundraiser was led by Fundamentum Partnership, founded by Infosys Co-founder Nandan Nilekani. It also saw participation from SMBC Asia Rising Fund, the corporate venture capital arm of Japan's Sumitomo Mitsui Banking Corporation (SMBC).
Olyv was founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh, and Jayant Upadhyay. It is a digital lending and financial management platform that currently offers products across personal loans, gold savings and credit health management.
The firm will be using the funds to expand its product portfolio with new offerings across insurance, UPI, and business loans. It will also invest in strengthening its brand equity, and boost tech stack to deliver a more seamless, enhanced experience to customers. It currently has 2 million monthly active users and over 5 crore app downloads, while it aims to to scale its user base to 100 million and cross $1 billion in AUM by FY29.
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The investment comes amid the backdrop of the significant surge in India's digital lending sector. The sector is expected to reach around $1.3 trillion by 2030, driven by smartphone penetration, UPI adoption and surging demand from middle-income consumers for digital personal loans.
Olyv is aiming to cater to this growing demand by bringing affordable access to credit and wider financial products to middle-income households especially those in Tier-2 and Tier-3 cities and democratizing access to finance.
Notably, Nilekani's Fundamentum is one of the first 'scale-up' home-grown tech venture funds. The firm believes in backing entrepreneurs "who are creating built-to-last companies out of India".
Additionally, Fundamentum leads and co-leads $15-40 million funding rounds, investing in four to five startups each year. The select portfolio of Fundamentum includes startups like Spinny, PharmEasy, Kuku, ProcMart, AppsForBharat, Apna Mart, Stable Money and Whizzo.
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