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A significant chunk of India remains unpenetrated when it comes to access to credit. The covid-19 outbreak, however, has accelerated digitization, making people turn towards online lending platforms, driving more players into the BNPL (buy now, pay later) market. 

The latest entrant in this BNPL industry is fintech firm Upwards. After witnessing very high growth and portfolio performance in their current personal loan product, solid underwriting, and full automation, the brand is now expanding its product line.

Upwards aims to reach out to “the underserved population of India, ensuring that credit is no longer a pipe dream for them". 

According to the company, "Upwards, eschewing the crowded segments will focus on its usual target customers - lower to middle - income borrowers to bridge the void in the current market through its latest BNPL offering. This segment gained significant traction during the Covid period with Upwards emerging as their go-to platform, owing to its potential to disburse loans in less than 12 hours and provide a pleasant experience throughout the loan lifecycle."

The opportunity lies in medium and high ticket purchases where current offerings are inadequate due to a maximum tenure of 3-6 months, said Abhishek Soni, CEO and co-founder, said. “So, going forward, Upwards’ core focus will be on higher ticket size purchases up to 3 lakh and tenures up to 24 months for use cases like travel, home renovation, family functions, etc. For this BNPL offering, we have strong enterprise partnerships in place. And we plan to scale this to a 500 crore loan book in the next 12-18 months."

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