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Datasigns Raises $1.5 Mn From Beenext, Others For Expansion Of FinTech Platform Shubh Loans

Datasigns Raises $1.5 Mn From Beenext, Others For Expansion Of FinTech Platform Shubh Loans

With The Recent Funding Datasigns Is Looking To Expand Footprint Of Fintech Platform Shubh Loans To 18 More Cities

Bengaluru-based Datasigns Technologies Pvt. Ltd that runs the fintech platform Shubh Loans has raised $1.5 Mn Pre Series A funding from SRI Capital, BeeNext and Pravega Ventures. Datasigns has partnered with multiple banks and NBFCs, helping them in building their loan books.

The startup will utilise the recently raised funds to build its technology team and for expansion into 18 new markets. The company is also planning to onboard 1 Mn customers in formal credit.

Earlier in November 2016, the startup had secured an undisclosed amount of angel funding. The round was led by Sanjai Vohra, (former MD of JP Morgan) and V. Bunty Bohra (Managing Director and India CEO of Goldman Sachs).

Talking about the startup, Sashi Reddi, founder of SRI Capital said, “Many massive companies are going to be built in this space, finally being able to lend to the next 200 Mn consumers, Shubh Loans will be one of them.”

Datasigns was founded in 2016 by Anand Barua, Monish Anand, Mudit Tyagi, Rahul Sekar and Tushar Patel. It is a risk platform that forges traditional & non-traditional data to facilitate financial services to those outside the formal system. It helps financial organisations access new and underserved market.

Shubh Loans helps borrowers generate proprietary individual credit score using traditional and secondary data points. The Datasigns lending partners use this credit score for lending. Datasigns claims that, since its launch, over 60K customers have built their credit score using Shubh Loans.

Rahul Sekhar, co-founder & Chief Data Scientist said, “The lending business in the country is at an inflection point, our focus is on creative and responsible use of data to bring financial literacy and credit to people who deserve it the most.”

Currently working with a team of about 56 employees, Datasigns generates its revenue through a portfolio management fee paid by the partners. Another channel of revenue is the licensing service provided by Datasigns. As per Monish, Shubh Loans currently has over 60,000 users/applicants that have generated a credit score through Shubh loans. The startup currently has nine lenders on board, apart from this it claims to witness a month-on-month growth of about 50%.

The Indian fintech market is forecasted to touch $2.4 Bn by 2020, a two-fold increase from the market size currently standing at $1.2 Bn. In June 2017, Mumbai-based fintech start-up LoanTap raised $4 Mn Series B funding. The round comprised a mix of equity and debt instruments from Kae Capital, India Quotient, IFMR, and MAS Financial Services Ltd. Other startups in this segment include KountMoney,, LoanCircle, Capzest, Loanzen, etc.