The firm will be using the funds to expand its technology platform, increase its market footprint and amplify its product offerings to meet pent-up credit demand in a post-covid economic recovery
Digital lending platform IndiaLends has raised $5.1 million as part of a financing led by existing investors ACP Partners and DSG Consumer Partners.
According to the firm, it will be using the funds to expand its technology platform, increase its market footprint and amplify its product offerings to meet pent-up credit demand in a post-covid economic recovery.
Currently, IndiaLends has a base of over 8 million customers and disbursed more than Rs2,000 crore in personal loans since its launch. In the next 18-24 months the company plans to reach out to retail consumers living across tier-II cities and tier-III towns.
The six year old startup uses its automated processing system to offer unsecured credit products to customers, through its 50-plus bank and NBFC partners across the country.
“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 digitization is helping this high-potential space to grow and drive greater financial inclusion across the country," said Gaurav Chopra, founder and chief executive, IndiaLends.
"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," said Deepak Shahdadpuri, managing director, DSG Consumer Partners.
Apart from traditional banks and non-banking finance companies (NBFCs), IndiaLends is now also offering pre-qualified loans from all major fintech and peer-to-peer lenders to its customers.
"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," said Alok Oberoi, ACP Partners.
In addition, IndiaLends is now leveraging a business-to-business (B2B) application programming interface (API) solutions model, where it offers other consumer platforms a “lending-as-a-service product" whereby these platforms can offer personal credit products to their user base via lending products available from a wide range of the company’s banks and NBFC partners.
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