The investment will support SCNL in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 23 states.

Florintree had committed Rs. 100 crore in the form of 1,23,07,692 rully convertible warrants through preferential allotment in January 2022. At the time of issuance of fully convertible warrants, Florintree put Rs. 25 crore. After the second tranche, the total investment by Florintree stands at ~Rs. 50 crore, with the balance amount to be paid by July 2023.

Florintree Ventures LLP, is a growth-stage private equity firm that invests in technology-backed firms, is led by former Blackstone India Head Mathew Cyriac.