Olyv Secures $23 Million in Series B Funding Led by Fundamentum Partnership
Olyv, a prominent digital lending platform, has successfully raised $23 million (approximately ₹208.7 crore) in its Series B funding round. The investment was spearheaded by Fundamentum Partnership, a growth fund established by Infosys co-founder Nandan Nilekani. This significant capital injection will enhance Olyv’s capabilities and elevate its market presence.
Also participating in this funding round is the venture capital division of Sumitomo Mitsui Banking Corporation (SMBC), known for backing innovative startups in Asia. Olyv disclosed these details in a recent announcement, showcasing the growing interest from investors in the fintech sector.
With this latest round of financing, Olyv’s total equity raised amounts to approximately $25 million, complemented by around $100 million in debt since the company’s inception. The startup has attracted investment from notable backers such as Lightrock, Unicorn India Ventures, and several family offices and entrepreneurs eager to support its growth.
The new funds will be pivotal in facilitating Olyv’s expansion into a diverse array of financial products, including insurance offerings, UPI-based services, and business lending solutions. Additionally, Olyv aims to bolster its technology stack, enhance its national footprint, and strengthen brand equity as it targets a burgeoning base of middle-income consumers.
Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh, and Jayant Upadhyay, Olyv focuses on delivering innovative digital lending and financial management solutions. The platform caters specifically to what it terms “emerging India,” offering personal loans, gold savings products, and credit health management tools tailored to diverse consumer needs.
Currently operated by Smartcoin Financials Pvt Ltd, Olyv has achieved remarkable milestones, with approximately 50 million app downloads and outreach to over 19,000 zip codes across the country. The platform boasts nearly 2 million monthly active users and has disbursed an impressive 7 million loans, totaling over ₹10,000 crore in cumulative transactions. Notably, Olyv has reported 11 consecutive quarters of profitable net income, underscoring its robust financial performance.
Looking ahead, Olyv plans to utilize the Series B funding to not only scale its core lending operations but also diversify its financial service offerings. By the fiscal year 2029, the company aims to grow its user base to an astounding 100 million and surpass $1 billion in assets under management. As the Indian lending landscape evolves, Olyv positions itself for continued success and innovation in the fintech sector.