Investment firm WestBridge and other entities infuse Series B funds into FinBox
FinBox, a fintech startup based in India, has secured Series B funding led by WestBridge Capital. The funding round, which also included participation from existing investors A91 Partners and Aditya Birla Ventures, raised $15 million (approximately Rs 115 crore) with a total size of $40 million (around Rs 350 crore).
Founded by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar in 2017, FinBox operates under Moshpit Technologies Pvt Ltd. The startup has made significant strides in the financial technology sector, enabling platforms to launch digital credit products like buy-now-pay-later (BNPL), personal loans, working capital loans, and invoice financing.
In the financial year ended March 2021, FinBox posted a net profit of nearly Rs 43 lakh. However, the company reported net losses for the next three years, with the exact financials for the year 2024-25 yet to be disclosed. Despite these losses, FinBox's net sales for FY24 were approximately Rs 48 crore, a significant increase from the FY21 figure and nearly nine times the FY21 figure.
The identity of the sellers in the Series B funding round and the breakup of primary and secondary transactions were not disclosed. However, it is known that FinBox has helped disburse over Rs 10,000 crore through its various product offerings.
In a recent interaction, Srijan Nagar disclosed that FinBox aims to break even by the June quarter. The company's plans for the future remain focused on financial growth and profitability.
FinBox's success in the fintech sector is a testament to its innovative approach and commitment to providing seamless digital credit solutions. With the fresh influx of funds, the company is poised to continue its growth trajectory and make a significant impact in the financial technology landscape.
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