A division of Ambit Group, Ambit Finvest Pvt Ltd, announced on Thursday that it has acquired Mumbai-based fintech startup SME Corner in order to expand its lending capabilities for small and medium-sized businesses. The business, however, kept the deal’s financial details a secret.

According to a statement from Ambit Finvest, the purchase would be carried out through the transfer of SME Corner’s operations related to business loans to micro, small, and medium-sized firms.

Additionally, it stated that Ambit Finvest will buy all of SME Corner’s assets, including its 300 workers and unique web platform.

Also Read: The MSME credit card will be available soon

Micro, small, and medium-sized businesses (MSMEs) can apply for business loans through SME Corner, which is run by Digikredit Finance Pvt. Ltd.

The business currently operates in 21 states. In addition to MSME and women’s entrepreneur loans, it asserts to offer unsecured business loans and loans backed by property. Up to this point, it has around Rs 450 crore in assets under control.

“SME Corner has created an incredibly unique technology from scratch, requiring four years of development work. This will hasten the delivery of our online lending services and products. Sanjay Agarwal, CEO of Ambit Finvest, stated, “We will now be able to better increase our origination footprint on the digital side.

Small Industries Development Bank of India (SIDBI) and Ambit Finvest teamed up to co-lend unsecured loans to MSMEs last week.

“This purchase serves as an example of how integrating tactics may improve customer satisfaction and take advantage of emerging business prospects. Vikrant Narang, the deputy CEO of Ambit Finvest, continued, “Ambit Finvest will now genuinely have an omnichannel origination strategy, bridging physical and digital infrastructure.

Also Read: For exporters, ICICI bank launches digital services