India is building its reputation as the next major alternative small business lending market. Last year saw venture capital investment in SME lending innovators, government legislation to encourage market entrance of these players and involvement from major companies, like Alibaba, in bringing working capital to the nation’s SMEs through nontraditional routes.
The latest progress of India’s SME finance sector comes from Power2SME, a startup that announced Monday (Jan. 25) that it had raised new funding from venture capitalists for its small business financing portal.