NeoGrowth Strengthens Board; Appoints CEO Arun Nayyar as a Whole-Time Director
NeoGrowth, India’s leading SME digital lender, recently appointed its Chief Executive Officer, Mr. Arun Nayyar, to the company’s Board of Directors, with effect from January 6, 2022. He has been designated as Whole-time Director & CEO, and with this appointment, the Board now comprises nine members.
Mr. Arun Nayyar, 45, has more than two decades of rich experience in the BFSI industry, and has spent the last 12 years in leading early and growth stage MSME lending businesses. Prior to NeoGrowth, Arun Nayyar was with Edelweiss Financial Services where he had been the ‘Chief Executive Officer – SME Lending’. He has also worked with Citibank and CRISIL. He is a Chartered Accountant by qualification.
Mr. Arun Nayyar has served as CEO of NeoGrowth since August 2018. Under his leadership, the company has been focusing on innovation with proprietary technology. He has played an instrumental role in advancing the digital loan journey for NeoGrowth customers, increasing its branch network, adding to its product range, and growing the portfolio. The company has also navigated through multiple challenges including the outbreak and aftermath of the COVID-19 pandemic. There has been a clear focus on building technology, use of analytics and staying at the forefront of latest industry developments.
Mr. Dhruv Khaitan, Founder & Chairman, NeoGrowth, said, “Arun’s stewardship has resulted in delivering tremendous business value to all stakeholders, in spite of the pandemic distress. Under his leadership, NeoGrowth’s business volumes are back to pre-COVID levels. I look forward to have him on the Board as we continue to work together in this journey for NeoGrowth to reach newer heights.”
Mr. Arun Nayyar, Chief Executive Officer, NeoGrowth, said, “I thank the Board for reposing their faith in me. At NeoGrowth, we continue to introduce tailored products and services that make digital lending easy and effective for all small businesses and meet their holistic business needs. With the support of the Board, I look forward to driving NeoGrowth to its highest potential.”
During the pandemic, NeoGrowth was one of the first non-banking finance companies (NBFCs) to create a customer outreach program, Sanjivni, as a measure to combat COVID-19 efficiently. Over the last three years, NeoGrowth has introduced several digitally enabled products like NeoCash Insta Loan, Plus secured loans, and several digital assets including a customer app to support the customer throughout the loan journey. The company has also put in place a very responsive and proactive risk management approach to overcome business challenges.
Mr. Nayyar will continue to lead NeoGrowth and strengthen its unique digital payments-based lending model with a customer centric approach.
NeoGrowth Credit Pvt. Ltd is an SME- focussed lending fintech, leveraging the digital payments ecosystem. It is a systemically Important, Non-Deposit taking NBFC driving innovation with proprietary technology. NeoGrowth’s data science and technology led approach enables it to offer quick and hassle-free loans to MSMEs across 65+ segments. NeoGrowth offers a unique daily repayment option to its customers with multi-channel repayment modes. The company not only helps its customers grow but also drives financial inclusion making a positive social impact. NeoGrowth is backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund, WestBridge and Leapfrog Investments.