Omidyar Network, via ON Mauritius Business, has picked up a 29.33% stake in NeoGrowth, a Mumbai-based NBFC which lends to small and medium sized retailers, for Rs.17 crore. NeoGrowth has allotted 74,625,870 preference shares at Rs.22.78 per share and 100 equity shares at the same issue price to the investor. As part of the deal, Dimple Sanghi has joined the board, regulatory filings reveal.
NeoGrowth's founders had earlier founded VC-backed electronic payments processing firm Venture Infotek (acquired by AtoS in mid-2010).
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