MSME lending startup Optimo Loan secures $10M seed funding from Blume, Omnivore
Optimo, which was founded by EaseMyTrip co-founder Prashant Pitti, plans to use the fund to expand its presence to 20 locations in rural India, enhance technology, and recruit talent by the end of the year.
Optimo Loan, an MSME lending tech startup for rural India, has secured $10 million in seed funding. The round was led by Blume and Omnivore, with an additional contribution from founder Prashant Pitti.
The company plans to use the fund to expand its operations and presence to 20 locations in rural India, enhance technology, and recruit talent by the end of the year.
Founded by co-founder Pitti, is an MSME lending tech business for rural India. It combines technology and a phygital distribution model to offer quick finance options.
"Optimo lending operations commenced in November 2023, and we are scaling swiftly yet prudently. Our top management team comprises individuals with extensive experience of 10-15 years in MSME lending. We aim to establish an asset-light company by primarily leveraging co-lending agreements with banks and larger NBFCs," said Pitti.
"Optimo’s innovative lending technology model holds the potential to make a substantial impact and foster enduring change in underserved communities," said Reihem Roy, Partner at agriculture focused investor Omnivore.
"India faces a significant credit deficit, with only 25% of all MSMEs having accessed formal loans to date, leaving 53 million businesses untapped and holding immense opportunity," Roy added.
Edited by Swetha Kannan