Emerging markets specialist private equity fund manager LeapFrog Investments has led a US$47 million investment round for India-based digital lender NeoGrowth Credit. Existing investors Aspada Investment Company and Quona Capital also participated in the round. NeoGrowth, which lends to small and medium-sized businesses based on digital payments data, plans to use the funds to grow its lending capabilities and expand its geographic presence in India’s largest cities and other urban areas. Aspada and Quona originally invested in the company in 2014 and 2016, respectively.