New Delhi: Bangalore-based Datasigns Technologies Private Limited (“Shubh Loans"), has raised ₹34 crore from Omidyar Network India who led the round with participation from existing investors, Saama Capital, Beenext, SRI Capital, and Pravega Ventures.
Founded by Monish Anand and Rahul Sekar, Shubh Loans provides personal loans to the emerging segment of underserved and new-to-credit borrowers at the lower end of the income spectrum.
Through its mobile-first app, Shubh Loans has created a proprietary platform and credit scoring model to rapidly assess and approve a borrower’s creditworthiness. Shubh Loans state-of-the-art credit scoring methodology helps in determining creditworthy customers in this segment.
The funds raised in this round will help Shubh Loans expand its customer sourcing platform, augment its technology, grow the data science team and credit scoring platform to incorporate next generation features including “Credit locks", which are procedural credit features that promote good client behaviour.
The start-up will also grow its on-ground sales team and expand distribution to nearly 40 cities by end of the year.
Speaking about the company’s goal for the future, Monish Anand, founder and CEO, Shubh Loans said: “Shubh Loans’ partnership with Omidyar Network India speaks of the shared focus that both organizations have towards emerging technology and inclusiveness. The infusion of funding will expand our footprint in India and improve customer experience by augmenting data science capabilities. By providing timely access to loans for an under-served market, we ensure that aspiring Indians are not denied rightful borrowing for their personal needs."