Bengaluru-based consumer lending startup Olyv has successfully raised $23 million in a new funding round, with backing from Fundamentum Partnership and SMBC Asia Rising Fund. This fresh infusion of capital marks a significant milestone in the company’s growth journey and reinforces investor confidence in India’s expanding digital lending ecosystem.
According to Rohit Garg, cofounder of Olyv (formerly Smartcoin), the company plans to deploy the capital strategically. Specifically, Olyv will allocate 50% of the funds to capitalise its NBFC, while it will use the remaining amount to scale operations and strengthen its product offerings.
Furthermore, Garg highlighted the funding split, stating that approximately $13 million came from Nandan Nilekani-backed venture capital firm Fundamentum, while around $8 million was contributed by SMBC Asia Fund. This diversified investor participation underscores strong institutional interest in Olyv’s long-term vision.
Outlining the company’s expansion roadmap, Garg said, “We are doing personal loans; we plan to get into unsecured business loans for the self-employed, offer credit on UPI rails, and also get into insurance distribution.” Through this multi-pronged approach, Olyv aims to broaden access to credit while deepening its presence across multiple financial services verticals.
In addition, the consumer lending startup is preparing to apply for an insurance broking licence, enabling it to extend beyond lending into insurance distribution. By doing so, Olyv intends to evolve into a more comprehensive financial services platform. Founded in 2017, the startup already counts Lightrock and Accion among its existing investors.
At present, Olyv is distributing personal loans worth Rs 4,000 crore on an annualised basis, reflecting strong demand and operational scale. Looking ahead, the company has set an ambitious target to build assets under management (AUM) worth $1 billion within the next three years.
From a financial performance standpoint, Olyv delivered robust results in FY25, reporting total revenue of Rs 350 crore alongside a net profit of Rs 26 crore. These numbers highlight the company’s ability to scale profitably in a competitive fintech landscape.
Olyv’s latest funding round positions the Bengaluru-based fintech for accelerated growth across lending, UPI-based credit, and insurance distribution.
With strong backing from marquee investors, a profitable business model, and a clear expansion strategy, Olyv is actively strengthening its footprint in India’s rapidly evolving digital financial services market.
