New Delhi: Business loans marketplace Namaste Credit on Tuesday said it has raised series A investment of $3.8 million from Nexus Venture Partners. Sunstone Capital was the sole advisor to the deal.
Owned by Delhi-based Opendoors Fintech Pvt Ltd, Namaste Credit is a digital platform which serves as a marketplace for borrowers and lenders. It focuses exclusively on small and medium enterprise (SME) customers.
“SME credit is seriously constrained due to lack of reach and relevant data to assess credit-worthiness of borrowers. Namaste Credit’s technology, combined with its channel partners and lender network, is already making a significant impact on facilitating credit to SMEs in a win-win manner for all," said Anup Gupta, managing director at Nexus Venture Partners, in a statement.
Namaste Credit was incorporated in 2014 by former executives at Moody’s Lucas Bianchi and Gaurav Anand, and Krishnan Parameswaran, who was earlier with General Electric.
The company will use the proceeds from the latest round to grow its geographic footprint, invest in technology, data analytics and towards increasing partnerships both with lenders and on the supply side.
The platform uses proprietary algorithms for credit profiling and underwriting. “Our technology provides lenders better quality underwriting and reduced turnaround times at significantly lower costs than existing manual underwriting processes," said Bianchi, co-founder and chief executive officer.
Since launch, the firm has signed up over 30 institutional lenders and now plans to licence its core technology to leading non-banking finance companies and banks.