Digital lending platform Olyv has raised $23 million (about Rs 208.7 crore) in its Series B funding round led by the Fundamentum Partnership, the growth-stage fund founded by Infosys co-founder Nandan Nilekani.
SMBC Asia Rising Fund, the corporate venture capital arm of Japan’s Sumitomo Mitsui Banking Corporation, also participated in the funding round, Olyv said in a press release.
Including this round, Olyv has raised about $25 million in equity and approximately $100 million in debt since inception. It is also backed by investors such as Lightrock, Unicorn India Ventures and India SME, along with several family offices and entrepreneurs.
The fresh capital will support Olyv’s expansion into new financial products, including insurance, UPI-based services and business loans. The company also plans to invest in strengthening its technology stack, deepening its nationwide presence and building brand equity as it targets the next wave of middle-income consumers.
Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh and Jayant Upadhyay, Olyv operates a digital lending and financial management platform focused on what it calls “Emerging India.” The company offers personal loans, gold savings products, and credit health management tools.
Olyv, operated by Smartcoin Financials Pvt Ltd, said it has recorded around 50 million app downloads and serves customers across more than 19,000 postal codes. It claims nearly 2 million monthly active users and has disbursed about 7 million loans to date, facilitating over Rs 10,000 crore in cumulative transactions. It also claims that it reported 11 consecutive quarters of profitability at the net profit level.
The company plans to use the Series B funds to scale its core lending business while broadening its financial services suite. By FY29, Olyv aims to grow its user base to 100 million and cross $1 billion in assets under management.
“What makes this moment particularly relevant is the broader shift underway in India’s lending landscape. The ecosystem is entering its next phase of maturity, supported by the foundational rails of India Stack,” said Mayank Kachhwaha, investor and fintech thesis lead at Fundamentum.
“Olyv’s credit-first, tech-led model is aligned with this shift. We believe the firm is well poised to evolve from a lending leader into a comprehensive financial ecosystem and emerge as a long-term financial partner for millions entering formal credit,” Kachhwaha added.
Unitus Capital acted as the exclusive financial advisor for the transaction.
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