Premji Invest, Norwest, Lok Capital invest Rs 1,000 crore in Vegafin, to acquire majority stake in Bizloan
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Premji Invest, Norwest, and Lok Capital invested Rs 1,000 crore in Vegafin on October 21.
- ✓The firm plans to build an AI-first lending platform for small businesses.
- ✓As a first step, they got a majority stake in Bizloan, a Gurugram-based NBFC.
Story at a Glance
- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Premji Invest, Norwest and Lok Capital on October 21 announced an investment of Rs 1,000 crore in Vegafin, an MSME-lending platform founded and promoted by ICICI Bank veteran Bijith Bhaskar. The investors aim to build an AI-first lending platform for micro, small and medium enterprises (MSMEs), starting with the acquisition of a majority stake in Bizloan, a Gurugram-based non-banking financial company (NBFC) focused on secured MSME lending. Vegafin plans to build a technology-led MSME lending platform differentiated by AI-driven underwriting, digital workflows and data-led credit decisions, complemented by a strong on-ground distribution network.
The platform aims to enable faster turnaround times, sharper risk selection and lower operating costs while expanding access to credit for underserved MSMEs.
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