Gurugram-based NBFC Seeds Fincap has raised more than Rs 100 crore in a Series B funding round led by the Michael & Susan Dell Foundation.
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Existing investors Z47 and Lok Capital participated in the round, along with Norinchukin Capital and Alteria Capital. Unitus Capital served as financial adviser to Seeds Fincap on the transaction.
The startup plans to use the fresh capital to expand into new markets and strengthen its branch network, technology infrastructure and risk-management capabilities.
Seeds is targeting Rs 1,000 crore in assets under management by March 2027.
Focus on underserved small businesses
Seeds Fincap was established in 2019 and began its NBFC operations in 2021. Founded by Subhash Chandra Acharya and Avishek Sarkar, the company focuses on providing credit to underserved MSMEs and individual borrowers. Acharya serves as its managing director and CEO.
It primarily serves nano enterprises and small businesses, including borrowers whose business cash flows may not be adequately captured by conventional credit-assessment methods.
Seeds offers loans ranging from Rs 50,000 to Rs 10 lakh and uses a cash flow-based approach to assess borrowers.
Its lending model combines technology with field teams involved in sourcing, onboarding, credit assessment, documentation, collections and portfolio monitoring.
AUM reaches Rs 722 crore
Seeds Fincap said it closed FY25 and FY26 profitably and recorded total disbursements of about Rs 620 crore during FY26.
According to the company’s latest disclosure, its assets under management stood at Rs 722 crore as of August 2026. At the time, Seeds had 164 branches and more than 70,000 active members.
The fintech company said it will continue to focus on underwriting discipline and portfolio quality as it works towards its Rs 1,000 crore AUM target.
“This capital will enable us to deepen our presence, strengthen our technology and people, and expand our ability to serve more entrepreneurs and underserved communities,” Acharya said.
He said the participation of the Michael & Susan Dell Foundation, along with continued backing from existing investors, reflected confidence in the company’s lending model and portfolio.
Previous funding
The latest round follows two significant fundraises by Seeds Fincap over the past two years. In August 2025, the company raised Rs 50 crore in a pre-Series B round led by Z47 and Lok Capital, with participation from Norinchukin Capital and Alteria Capital.
In July 2024, Seeds raised more than $8.5 million in a Series A round led by Lok Capital and Matrix Partners India, which later rebranded as Z47.
The company had said the Series A funding will be used to strengthen its technology, expand its lending capabilities and widen its branch network.
The Series B capital will support the next phase of that expansion as Seeds looks to grow its loan book and increase its presence among underserved small businesses across India.
