Lightrock-backed personal lending platform Olyv, formerly known as SmartCoin, has appointed Unitus Capital to raise fresh funds, three people aware of the development said.
The new funding round is expected to be $15-20 million (close to ₹160 crore), the people cited above said on the condition of anonymity. “The round is expected to be all primary for growth,” one of them said.
Olyv and Unitus Capital did not respond to queries.
Bengaluru-based Olyv, which expanded its co-lending platform last year, has tie-ups with RBI-registered non-bank lenders such as Vivriti Capital, Poonawalla Fincorp, and Aditya Birla Capital Finance.
Olyv’s plan to raise fresh funds comes after the RBI in August recognized personal and unsecured co-lending arrangements, and tightened rules for co-lending.
Market trend
Several startups in the unsecured lending space are preparing to raise fresh capital, either through private funding rounds or by tapping the public markets. Companies such as Kreditbee, Moneyview, Fibe and Kissht are reportedly eyeing public listings in the near future, and are working in pre-IPO private funding rounds.
Founded in 2017, the company offers small-ticket personal loans to micro merchants, as well as self-employed and salaried individuals. SmartCoin received its NBFC licence in October 2019 through UpMove Capital Pvt. Ltd to extend personal loans to salaried and self-employed individuals. In 2024, the company rebranded as Olyv and partnered with Yubi to expand its lending reach.
Olyv reported ₹250 crore in revenue in FY24, recording 76% growth in business volume. Its monthly active user base rose 80% year-on-year to 2.6 million. Investors led by Lightrock have so far infused around $25 million in equity and $80 million in debt into the company. It claims to have six million users and cumulative disbursals exceeding ₹600 crore.
Olyv expects ₹350 crore in revenue in FY25 and aims to reach $1 billion in assets over the next three years, founder Rohit Garg was quoted as saying in a media report earlier this year.