The main digital lending platform, IndiaLends has raised $5.1 million in a financing spherical led by present buyers ACP Partners and DSG Consumer Partners.
This is a follow-up spherical to IndiaLends’ $10 million Series B, raised in July 2018, from ACP Partners and present buyers DSG Consumer Partners and American Express Ventures.
The Delhi-NCR-based agency will use the recent funds to increase its know-how platform, improve its market footprint and amplify its product choices to satisfy the pent-up demand in a post-COVID financial restoration.
With a buyer base of over 80 lakh, IndiaLends has disbursed greater than Rs 2,000 crore in private loans since its launch by way of its know-how platform and API-based lending options that it affords to different B2C firms.
The firm goals to emerge because the main monetary market in India and double the disbursements to Rs 4,000 crores within the subsequent 18-24 months with a targeted outreach in direction of retail shoppers dwelling throughout tier I-II cities and tier III cities.
IndiaLends additionally intends to increase its outreach to the underserved prospects, people who find themselves worthy of gaining access to credit score however are sadly disregarded owing to the shortage of dependable credit score historical past.
IndiaLends Founder and CEO Gaurav Chopra stated, “This fresh round of financing comes at a critical point in our business, enabling us to build our services and offer innovative products to our customers, as we usher into the next phase of growth. The use of new-age technologies and the government’s pro-active efforts to push digitisation is helping this high-potential space to grow and drive greater financial inclusion across the country. Although the pandemic had a severe impact on the sector, it has also led to the belief that digital lending is now the new normal. This investment is a testament to the fact that the sector is going to witness an upward curve in the days to come. We are very excited to have received this funding from our current investors ACP Partners and DSG Consumer Partners who have shown their trust and confidence in the business all along.”
“DSGCP first invested in Indialends in 2015. Since then, we have witnessed strong market traction as Indialends leverages relationships with leading NBFCs and banks to make credit accessible to a broad set of consumers. We were particularly impressed by how Gaurav and his team at IndiaLends navigated the challenges posed by the COVID-19 pandemic. We are excited to back Indialends as it enters its next phase of growth”, stated Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.
“IndiaLends is helping customers make educated and better borrowing decisions by giving them curated loan offers from over 50 lenders with transparent product terms, enabling them access to credit. We are excited to support this growth and offer these services to millions of Indians through our “lending as a service” partnerships”, stated Alok Oberoi, ACP Partners.
Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends makes use of its automated processing system to supply unsecured credit score merchandise by its 50-plus financial institution and NBFC companions throughout the nation.
In addition, IndiaLends claims it’s now in a position to serve over 100 million shoppers by way of its B2B API options the place it affords different shopper platforms a “Lending as a Service product.” These platforms can provide private credit score merchandise to their person base by way of lending merchandise accessible from a variety of banks and NBFCs.
Apart from conventional Banks and NBFCs, IndiaLends is now additionally providing pre-qualified loans from all main Fintech and P2P lenders to its prospects – enhancing each eligibility and course of. The enterprise additionally supplies know-how, information and credit score analytics options together with a mortgage administration platform to monetary establishments.
