Mumbai-based lending startup, NeoGrowth Credit Pvt Ltd., focused on small and medium businesses, has received $47 million in the recent funding round, according to a statement by the startup.

The fintech startup’s platform uses and explores data combined with technology to provide loans for retailers. Retailers then pay back the loan based on future sales via debit or credit cards. The company’s latest funding round was led by LeapFrog Investments.

“With the investment, NeoGrowth plans to capitalise on its market-leading technology to significantly expand lending to small business owners, reaching deeper into India’s largest cities, and expand to other urban areas,” the startup said, as reported by Deal Street Asia.

With the growth seen in the digital lending sector in markets in India, the $47 million investment round is only the latest seen by the company, having raised $35 million in July 2016. The company also raised funds in April 2015 and sold a 29 percent stake in 2013 to the investment firm, Omidyar.

Mauritius-based LeapFrog Investments was founded in 2007 and focuses its investments on growth and expansion of companies. Partner at LeapFrog, Michael Fernandes will be joining the Mumbai-based company’s board of directors as part of the investment deal.

“India is at an inflexion point as the rise of cashless financial services, harnessing big data, transforms the lives of millions of emerging consumers,” Fernandes said. “NeoGrowth is at the forefront of this transformation. By providing loans to underserved merchants against their future digital sales, it unlocks credit that is tailored to their business requirements, which in turn inspires growth and job creation.”

According to the statement by NeoGrowth, other investors in the recent funding round include Aspada Investment Company and Quona Capital.

Competitors for NeoGrowth within the digital loan sector include CreditMate, CASHe, LendingKart, MoneyTap, EarlySalary, Faircent and LoanMeet.

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