Olyv Raises USD 6.15m in Series C Extension Led by Nippon India Digital
Digital personal lending platform Olyv has raised ₹57.62 crore (approximately $6.15 million) in an extension of its Series C funding round. The capital infusion was led by new investor Nippon India Digital (ultimately owned by Nippon Life Insurance Company) with a ₹50 crore investment, while existing backer Fundamentum Partnership Fund contributed the remaining ₹7.62 crore.
According to regulatory filings, the Bengaluru-based company allotted 25,057 compulsorily convertible preference shares (CCPS) and 10 equity shares at an issue price of ₹22,985.82 per share to complete the transaction. The follow-on tranche was executed at a flat valuation of roughly ₹1,104 crore. It builds on Olyv’s initial ₹207 crore (around $23 million) Series C round in February, which was led by Fundamentum with participation from the SMBC Asia Rising Fund, bringing the total capital raised across the combined round to approximately ₹265 crore.
Following the latest share allotment, Nippon India Digital holds a 4.53% stake in the company, while Fundamentum owns 12.47%. Olyv stated in its filings that the fresh proceeds will be deployed toward general corporate requirements.
Founded in 2015, Olyv operates an online lending marketplace via its website and mobile application, facilitating small-ticket unsecured personal loans. The platform primarily targets micro-merchants, self-employed individuals, small retailers, blue- and grey-collar workers, and salaried professionals.
On the financial front, Olyv reported a 36% year-on-year increase in operating revenue to ₹338 crore in FY25, up from ₹249 crore in FY24. Over the same period, the company's net profit more than doubled to ₹26 crore. Its financial statements for FY26 have not yet been filed.
The capital top-up reflects broader funding consolidation across India's financial technology sector, where capital is increasingly concentrated in fewer, larger transactions. Between January and September 2026, Indian fintech companies raised $2.2 billion in total funding, even as overall deal volume declined by 41%.
Nippon India Digital
Nippon India Digital Innovation (NIDI) is the venture capital and growth-equity investment strategy managed by Nippon Life India AIF Management Limited (NIAIF), focusing on high-growth Indian technology startups and early-stage venture funds.
- 2019–2020 (NIDI Fund 1): Launched in December 2019 as Nippon India's maiden Venture Capital Fund-of-Funds (FoF) with a corpus of approximately ₹737 crore (~$120 million), anchored by Nippon Life Insurance and institutional Japanese and Indian investors. NIDI Fund 1 committed capital across 12 to 14 prominent Indian early-stage VC funds, gaining indirect exposure to over 430 startups.
- 2024–Present (NIDI Fund 2A & 2B): Building on the deal flow and performance data from its Fund-of-Funds portfolio, NIAIF launched NIDI Fund 2A (a ₹750 crore target Category II direct growth-stage VC fund) and NIDI Fund 2B (a hybrid FoF and direct co-investment vehicle).
- Indo-Japan Corridor: Operating alongside Japan’s JETRO and METI, the platform acts as a strategic bridge connecting Indian startups with Japanese corporate partners for cross-border expansion and funding.
Nippon India Digital operates through a multi-tiered corporate hierarchy backed by global financial institutions:
- Fund Manager (NIAIF): Managed directly by Nippon Life India AIF Management Limited, which is led on the NIDI strategy by fund managers Sachin Bid and Ankit Agarwal. In March 2026, German asset manager DWS Group (recently rebranded as Deutsche Asset Management) signed definitive agreements to acquire a 40% equity stake in NIAIF via preferential allotment (valued at ~₹733 crore), forming an alternatives joint venture while leaving 60% with its immediate parent.
- Immediate Parent (NAM India): Nippon Life India Asset Management Limited (NSE: NAM-INDIA), one of India's largest publicly traded asset managers, serves as the holding company.
- Ultimate Parent & Public Shareholders: Nippon Life Insurance Company is the majority promoter of NAM India, holding 71.72% of its equity share capital (as of September 2026). The remaining 28.28% public float is held by domestic mutual funds (12.16%, including HDFC, Quant, and Kotak), foreign portfolio investors (7.05%), domestic insurers such as LIC (3.10%), and retail/other investors (5.97%).
Norbert Gehrke
