Delhi based fintech startup IndiaLends has raised an amount of $10 million in its Series B round of funding which is led by some of the famous investors of London-based ACPI Investment Managers and India-focused Ganesh Ventures.
The funding round also saw participation from existing investors such as American Express Ventures, DSG Consumer Partners, and AdvantEdge Partners.
The trio had participated in $4 million Series B round in the Delhi-based digital lending startup in the month of December 2016. Till date, the startup has raised an estimated $16 million in funding.
IndiaLends will use the fresh funds to launch new product into the markets such as an app-based line of credit and point-of-sale loans to meet the needs of our customers and to expand business. Besides, the fund will be deployed towards ramping up its technology.
“RBI data on sectoral deployment of bank credit in FY18 reflects the tremendous growth potential of personal loans. We will shortly be launching new products such as an app-based line of credit and point-of-sale loans to meet the needs of our customers”, said Gaurav in a media statement.
The company has been founded in March 2015 by the two IITian Gaurav Chopra and Mayank Kachhwaha, IndiaLends is a credit-scoring and analytics platform that caters to both, consumers and financial institutions.
On the Business to Customer side, IndiaLends allows consumers to connect with financial institutions, which also includes various banks such as IDFC, HDFC, and ICICI, as well, as NBFCs such as Bajaj Finserv, Capital First, and IIFL to avail loans.
IndiaLends has partnered with more than 60 banks and NBFCs including the aforementioned institution. It claims to have disbursed loans worth an estimated Rs 500 crore and over 2 lakh credit cards across India. In financial marketplace space, the company competes with BankBazaar, which had raised $30 million in October 2017 from UK-based Experian. Oher startups in the same domain include Kalaari-backed Rubique Technologies, Lendingkart, among several others.
Also, earlier this year, Pune-based fintech startup EarlySalary acquired CashCare which is a consumer lending platform where short-term loans are provided on a real-time basis for an undisclosed amount.
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