New Delhi: Dell Inc. CEO Michael Dell and eBay Inc. founder Pierre Omidyar have invested Rs28 crore in the Mumbai-based debt financing firm IntelleGrow.

Omidyar Network, a philanthropic investment firm founded by Omidyar and his wife Pam, has invested Rs25 crore in IntelleGrow, while Michael, who took the US-based computer maker Dell private last year, has invested Rs3 crore through the Michael and Susan Dell Foundation.

IntelleGrow provides customized debt finance to small and emerging businesses in India, focusing on sectors like clean energy, agricultural supply chain, education, financial inclusion, affordable healthcare and water and sanitation.

The firm, in a statement on Wednesday, said: “It has raised Rs25 crore from Omidyar Network and Rs3 crore from the Michael & Susan Dell Foundation."

This new investment follows founding investments from the Shell Foundation, the Michael & Susan Dell Foundation and Intellecap, it added. “These new funds will be used to help Indian enterprises access capital for growth," IntelleGrow said. At present, IntelleGrow has disbursed over 60 loans, totalling more than Rs60 crore on SMEs across India.

Promoted by Intellecap and registered as a non-banking finance company (NBFC), IntelleGrow uses a model that unlocks capital for innovative entrepreneurs.

“IntelleGrow provides viability-based debt financing to fast growing early-stage enterprises with a turnover of less than Rs50 crore and at least 12 months of track record," it said. The firm provides customised financing solutions using flexible repayment schedules linked to cash flows.

“IntelleGrow is responding to the market need with a vision to deploy more than $30 million (Rs250 crore) by 2015," it said on its website.

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