Z47-backed Seeds Fincap raises ₹100+ crore in Series B

Gurugram, India | October 6, 2026
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Seeds Fincap, a non-banking financial company serving small businesses across India, has raised ₹100+ crore in its Series B round, led by the Michael & Susan Dell Foundation, with participation from Z47, Lok Capital, Norinchukin Capital and Alteria Capital. Unitus Capital acted as the exclusive financial adviser to Seeds on the transaction.

India’s smallest businesses are often the hardest to underwrite. Nano enterprises don’t always fit traditional credit models. Their businesses are built on daily cash flows, local knowledge and relationships, but formal credit systems often struggle to capture this.

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Seeds was built to change that. Its proprietary, cash-flow-driven underwriting model combines technology with on-ground capabilities across functions like sourcing, credit assessment, documentation, collections and portfolio monitoring.
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As of August 2026, Seeds has scaled to ₹722 crore in AUM, disbursed approximately ₹620 crore in FY26, expanded to 164 branches across India and built a base of over 70,000 active borrowers. It closed both FY25 and FY26 profitably, proving that disciplined underwriting and technology-enabled execution can deliver scale and asset quality together.

With this round, Seeds will:

• Expand into new markets
• Build out its branch network
• Strengthen technology & risk management
• Deepen its ability to serve nano entrepreneurs
• Scale towards ₹1,000 crore in AUM by March 2027

All while staying focused on the underwriting discipline and operational rigor that have powered its growth so far.
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Subhash Chandra Acharya, MD & CEO, Seeds Fincap, said about the fundraise "We are delighted to welcome the Michael & Susan Dell Foundation (MSDF) as the lead investor in our Series B round. Their participation is a strong endorsement of the impact we seek to create and the institution we are building at Seeds.
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The continued participation of our existing investors, Lok Capital and Z47, along with Norinchukin Capital and Alteria Capital, reflects their sustained confidence in our business model, disciplined approach to lending and the strength of our portfolio. This capital will enable us to deepen our presence, strengthen our technology and people, and expand our ability to serve more entrepreneurs and underserved communities.”
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Anish Patil, Principal, Z47, added “We backed Subhash and the Seeds team at Series A because of their underwriting discipline and deep understanding of India's MSME and individual lending segments. Three years on, what stands out about Seeds is how consistently they've translated a technology-enabled, cash-flow-driven underwriting approach into strong asset quality as a lending institution. This round is a strong validation of their execution rigor, and we welcome MSDF to the cap-table. We're proud to double-down on our commitment to Seeds as they build toward ₹1,000 crore in AUM.”
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Rakesh Goyal, Head of Financial Services, India, Michael & Susan Dell Foundation, said “India’s nano entrepreneurs - owners of some of the smallest businesses in our economy - have the drive to build and grow, but they need access to formal credit that reflects how their businesses operate. Seeds combines local understanding, data and disciplined execution to serve this segment. Its approach can reach more small business owners while maintaining the underwriting discipline and asset quality needed to build a strong lending business. Our investment will support Seeds as it brings that model to more nano entrepreneurs, giving them the financial tools to increase their income, create jobs and build greater economic stability.”
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We’re proud to continue backing Seeds as they build the financial infrastructure for India’s smallest businesses. From ₹722 crore in AUM to ₹1,000 crore, and beyond, we wish Subhash, Avishek, Sumeet and the entire Seeds team godspeed.

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About Seeds Fincap
Founded in 2021 by Subhash Chandra Acharya, Avishek Sarkar and Sumeet Dhall, Seeds Fincap is an NBFC focused on providing credit to underserved individual and MSME borrowers.
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Seeds combines a proprietary, cash-flow-driven credit assessment approach with technology-enabled field operations across sourcing, onboarding, credit assessment and collections. The company offers credit products with ticket sizes ranging from ₹50,000 to ₹10 lakh and has established a growing presence across multiple states in India.

As it scales toward ₹1,000 crore in AUM, Seeds remains focused on combining growth with credit discipline, strong asset quality and technology-enabled operating efficiency.

About Z47
Founded in 2006, Z47 is an investment firm with more than 150 investments to date and an AUM of over $3.5 billion. Guided by a ‘founders first’ philosophy, Z47 is committed to backing missionary founders leading India to its goal of becoming a developed nation by 2047, prioritizing founders over markets.
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Z47’s focus sectors include Financial Services, Consumer, B2B, Advanced Manufacturing and Enterprise AI amongst others. We are proud partners to several Financial Services companies; select ones include Jupiter, OneCard, Oxyzo, and Scapia. Other select investments include Dailyhunt, Five Star Business Finance, OfBusiness, Ola, Ola Electric, and Razorpay.

Z47 has offices in Mumbai, Delhi, Bengaluru and GIFT City.