SSA Finserv, a non-banking lender has raised $3 million (around Rs 21 crore) in its first institutional funding round from Blue Ashva Capital.

The Mumbai-based firm will use the funds to expand lending from top cities to small towns, the NBFC said in a statement on Tuesday.

The investment will further reaffirm our commitment to become a preferred financial partner for small businesses by expanding our reach into more locations, said

Vikas Agarwal, founder-managing director and chief executive of SSA Finserv said the investment will further reaffirm our commitment to become a preferred financial partner for small businesses by expanding our reach into more locations.

Satya Bansal, the founder of Blue Ashva Capital, said they are happy to be associated with SSA to help small businesses scale up their business as they form the economy’s backbone.

SSA Finserv founded in June 2019 in Mumbai, specialises in providing customised finance to small businesses through cash-flow based loan products. It offers both collateral-free and collateral-backed loans, loans against work orders and sales, and bill discounting.

It offers loans in the Rs 10 lakh to Rs 1 crore ticket size across manufacturing, services, and trading segments with a turnover of Rs 1-50 crore.

Blue Ashva Capital, an investment firm with a presence in Singapore and India, backs sustainable and profitable businesses that help solve real challenges in sectors like agri, decarbonisation, circular economy, and small businesses.