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eBay founder Pierre Omidyar and Dell Inc. CEO Michael Dell have invested Rs 28 crore in the Mumbai-based debt financing firm IntelleGrow.
Omidyar Network, a philanthropic investment firm founded by Omidyar and his wife Pam, has invested Rs 25 crore in IntelleGrow, while Michael, who took the US-based computer maker Dell private last year, has invested Rs 3 crore through the Michael and Susan Dell Foundation.
IntelleGrow provides customised debt finance to small and emerging businesses in India, focusing on sectors like clean energy, agricultural supply chain, education, financial inclusion, affordable healthcare and water and sanitation.
The firm, in a statement today, said: "It has raised Rs 25 crore from Omidyar Network and Rs 3 crore from the Michael & Susan Dell Foundation."
This new investment follows founding investments from the Shell Foundation, the Michael & Susan Dell Foundation and Intellecap, it added.
"These new funds will be used to help Indian enterprises access capital for growth," IntelleGrow said.
At present, IntelleGrow has disbursed over 60 loans, totalling more than Rs 60 crore on SMEs across India.
Promoted by Intellecap and registered as a non-banking finance company (NBFC), IntelleGrow uses a model that unlocks capital for innovative entrepreneurs.
"IntelleGrow provides viability-based debt financing to fast growing early-stage enterprises with a turnover of less than Rs 50 crore and at least 12 months of track record," it said.
The firm provides customised financing solutions using flexible repayment schedules linked to cash flows.
"IntelleGrow is responding to the market need with a vision to deploy more than USD 30 million (250 crore) by 2015," it said on its website.