Optimo Loan has raised $10 million in seed funding. The MSME lending tech startup for rural India, intends to use the fresh capital to widen its business and footprints to 20 locations in rural India, enhance technology, and recruit talent by the end of the year.
Optimo founded by EaseMyTrip co-founder Pitti, is an MSME lending tech business for rural India. It integrates technology and a phygital distribution model to deliver 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,” Pitti announced.
“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.
The funding round for Optimo Loan was led by Blume and Omnivore, with an additional contribution from founder Prashant Pitti.
