Delhi-based online lending platform Cash Suvidha has raised $1 Mn in a Pre-Series A funding round from Initia Holdings; Vipin Agarwal, Partner in India Industrial Growth Fund and others.
The company will use the funding to increase the loan books of the company and to further strengthen its technological infrastructure.
Commenting on the development, Rajesh Gupta, Founder of Cash Suvidha, said, “This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies. We have recently started our operations in Kota and Jaipur. Our next destination is Ajmer and other parts of Rajasthan. After covering Rajasthan we will move towards Gujarat and other, parts of India.”
Founded in 2016, Cash Suvidha offers business loans to small and medium enterprises (SMEs), micro small and medium enterprises (MSMEs), and women entrepreneurs as well as personal loans to individuals.
Earlier in February 2018, the company raised $2.5 Mn in debt financing through financial institutions and private placement. The company used the funds to increase the loan books of the company. The loans will cater to financing SMEs and individuals particularly in Delhi NCR, Bengaluru, Pune, Hyderabad, Mumbai, and Rajasthan.
In December 2017, Cash Suvidha also raised $2.7 Mn debt funds from six financial institutions.The funds were primarily used to facilitate further lending to Small and Medium Enterprises (SMEs).