Digital lending platform Olyv has successfully raised $23 million (approximately Rs 208.7 crore) in its Series B funding round, led by Fundamentum Partnership, a growth fund established by Infosys co-founder Nandan Nilekani.

Participating in this financing round is also the venture capital arm of Sumitomo Mitsui Banking Corporation, marking a significant milestone for Olyv.

With the latest round, Olyv has raised approximately $25 million in equity and around $100 million in debt since its inception. The platform enjoys backing from a diverse range of investors, including Lightrock, Unicorn India Ventures, and India SME, along with various family offices and entrepreneurs.

The new capital will be strategically utilized to expand Olyv’s portfolio, introducing new financial products such as insurance, UPI-based services, and business lending. Additionally, Olyv aims to enhance its technological infrastructure, broaden its national reach, and strengthen its brand recognition to cater to a growing base of middle-income consumers.

Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh, and Jayant Upadhyay, Olyv operates as a digital lending and financial management platform tailored for what it describes as “emerging India”. The platform provides personal loans, gold savings products, and tools for credit health management.

Olyv, managed by Smartcoin Financials Pvt Ltd, has seen approximately 50 million app downloads and serves customers across over 19,000 zip codes. With nearly 2 million monthly active users, Olyv has disbursed around 7 million loans, facilitating over Rs 10,000 crore in cumulative transactions. The company has also reported 11 consecutive quarters of profitable net income.

Utilizing the funds from its Series B round, Olyv plans to focus on expanding its core lending business and diversifying its financial services. By the end of FY29, the platform aims to grow its user base to 100 million and surpass $1 billion in assets under management.

“This moment signifies a broader transformation in India’s lending ecosystem. The industry is evolving towards a new phase of maturity, supported by the foundations of India Stack,” stated Mayank Kachhwaha, investor and fintech thesis lead at Fundamentum.

“Olyv’s credit-focused and technology-driven approach aligns well with this transformation. We believe the company is primed to evolve from a lending leader into a comprehensive financial ecosystem, becoming a long-term financial partner for millions seeking formal credit,” he added.