Venture growth firm Norwest Venture Partners is investing $30 million as part of a Series D round in small and medium business loan provider OfBusiness, according to regulatory documents accessed via paper.vc, a data platform.
It had last raised $29.2 million in a Series C round from Falcon Edge Capital, Matrix Partners and Creation Investments, among others.
OfBusiness currently provides loans to small and medium businesses, with its debt partners including RBL Bank, Tata Capital and AU Small Finance Bank, among others.
“It is unclear at the moment if the existing investors will be participating in the round,” said Vivek Durai, co-founder, paper.vc.
The investment also indicates Norwest’s increased bullishness on the Indian market. It plans to double its investments and is scouting for opportunities across sectors, including financial services, technology, internet, consumer, healthcare and logistics, Mint reported on Tuesday.
Norwest Venture, which typically invests about $75 million a year in India, will henceforth write a minimum cheque of $7-8 million, which could go up to $50 million. It makes technology investments, such as in Swiggy or in more traditional brick and mortar businesses at the growth stage.
Norwest did not immediately respond to an email seeking comment.
