Home >Companies >News >NeoGrowth appoints Ajinkya Rahane as brand ambassador

NeoGrowth Credit Pvt. Ltd, a lender to small businesses, on Wednesday announced the appointment of cricketer Ajinkya Rahane as its brand ambassador. The agreement is for a year which can be extended further. Rahane will feature in a campaign slated to be released in the first week of April, which will talk about the ease of procuring loans through NeoGrowth for small businesses. The campaign "Keeping it simple" will show the day-to-day struggles of small businesses while scaling up and how NeoGrowth can help them overcome it.

Launched in 2013, NeoGrowth offers loans to small business owners such as retailers, restaurants, apparel shops, kirana stores, petrol pumps, groceries, pharmacies and other MSMEs.

Also Read | Inside the mad scramble to comply with the new labour codes

“Ajinkya’s personality and journey resonate with millions of small businesses which are our target consumer base. He has overcome many challenges in his career through hard work and simplicity which will connect with our TG (target group) and help us connect deeply with them. Through this campaign we wish to convey to small business owners that obtaining and repaying loans is not a tough task," said Arun Nayyar, chief executive, NeoGrowth Credit Pvt. Ltd.

Through this association NeoGrowth is looking to increase its direct sales growth from the current 35% to more than 50%, motivating small business owners to seek direct loans from the company. NeoGrowth said that the average loan size provided by the company is in the range of Rs7 lakh to Rs8 lakh. It focusses on first-generation entrepreneurs, women entrepreneurs, and first-time borrowers.

“For FY22, we have growth targets of 50%. Currently, we stand atRs 1,300 crore worth of assets and we plan to take it to Rs2, 000 crore. Such a target needs a strong route to the market, therefore we wish to go beyond our channel partners and alliances. We want to increase our direct connect to businesses," added Nayyar.

Headquartered in Mumbai, it has served over 70 industries with a presence across 27 cities. The company claims to have disbursed over Rs6,200 crore loans to 29,500 customers till date. NeoGrowth is backed by investors such as Omidyar Network, Aspada Investment Company, Khosla Impact, Accion Frontier Inclusion Fund-Quona Capital, IIFL Seed Ventures Fund and Leapfrog Investments.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout