ftcash gets NBFC licence from RBI, aims to disburse Rs 100 Cr in FY23 to MSMEs

By Palak Agarwal
November 08, 2022, Updated on : Tue Nov 08 2022 10:08:13 GMT+0000
ftcash gets NBFC licence from RBI, aims to disburse Rs 100 Cr in FY23 to MSMEs
ftcash aims to empower over 60 million micro-merchants and small businesses by bridging the lending gap with accessible loans.
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Mumbai-based SME lending company ftcash has received a licence from the Reserve Bank of India (RBI) to set up a non-banking financial company (NBFC). 


ftcash aims to empower over 60 million micro-merchants and small businesses by bridging the lending gap with accessible loans. With the licence, the company aims to disburse loans worth Rs 100 crore in FY23.


It was founded in 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha, and uses proprietary algorithms to analyse creditworthiness and offer institutional finance to underserved MSMEs, including retailers, pharmacies, garment stores, automobile shops, and mom-and-pop stores. The company has partnerships with Northern Arc, Ugro, and Ambit for providing credit offerings to their customers.  


Co-founder and CEO Sanjeev said, “Despite the government announcing several measures to enhance credit availability for the stressed MSMEs segment, nearly 80% of the total MSMEs in India lack access to lending. The NBFC license will allow us to bridge this credit gap while offering loans with minimal documentation along with daily repayment options via PoS with equated daily instalments.” 

“We have over 60,000 merchants in our network currently and have disbursed over Rs 600 crore worth of loans till now. We expect the disbursals to grow 3X by 2023,” he added.

ftcash has raised $10.2 million in funding and is backed by several investors including Accion, FMO, and IvyCap Ventures.


ftcash has won numerous awards and recognitions since its inception. This includes a prestigious award by HRH the Duke and Duchess of Cambridge, Prince William and Kate Middleton, at the UK Trade and Investment—Great Tech Initiative; and recognition for its work in financial inclusion by the former President of India Pranab Mukherjee in 2017.  


Edited by Kanishk Singh

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