Fintech startup Olyv has raised $23 Mn (about ₹208.5 Cr) in its Series B round led by Nandan Nilakeni-backed The Fundamentum Partnership, with participation from SMBC Asia Rising Fund – the venture capital arm of Japanese banking group Sumitomo Mitsui Banking Corporation.
Olyv, which provides digital loans and other financial solutions, will utilise the funds to expand its product suite by introducing new offerings across segments like insurance, UPI and business loans. It will also focus on strengthening its brand identity and tech stack further, along with scaling the core business through geographic expansion.
“This round will help us scale the business, strengthen our liability partnerships, and expand our product offerings to deliver an enhanced customer experience. Our long-term vision is to evolve as a trusted, full-stack financial partner for underbanked Indians entering formal credit,” said cofounder and CEO Rohit Garg.
Founded in 2016 by Garg, Amit Chandel, Vinay Singh and Jayant Upadhya, Olyv’s offerings include personal loans, gold savings and credit health management. It claims to have disbursed 70 Lakh loans till date and facilitated transactions worth a cumulative ₹10,000 Cr. The startup aims to scale its user base to 100 Mn and cross $1 Bn in assets under management (AUM) by FY29.
Earlier known as SmartCoin, the startup rebranded to Olyv in 2024 as it expanded its product offerings beyond quick loans.
The startup has partnered with several NBFCs to provide quick microloans to salaried and self employed middle-income individuals, especially those in non-metro cities without easy access to credit. It provides loans worth up to ₹5 Lakh. It counts the likes of Poonawala Fincorp, InCred, Northern Arc, and PayU among its lending partners.
Olyv has raised $25 Mn in equity and $100 Mn in debt to date from institutional investors like Lightrock, Unicorn India Ventures, India SME and several family offices.
Despite the lull in funding for startups in recent years, the fintech sector has continued to be investors’ darling. In 2025, startups in the sector raised $2.5 Bn across 120 deals, with a median ticket size of approximately $20.8 Mn, faring much better than its peers.
At the heart of this funding rush is India’s growing fintech market, which is estimated to touch a revenue of $250 Bn by 2030, with lending tech expected to account for 53% of this. Much of fintech’s growth has been shouldered by rising credit adoption in India, especially consumption-driven unsecured loans like personal and gold loans, and digitisation.
