Delhi-based fintech startup Stashfin has raised $5 Mn Pre-Series A funding from Snow Leopard Ventures and Singapore-based Alto Partners. Snow Leopard Ventures is the VC arm of the Kirloskar Group.
Managing Partners at executive search firm Positive Moves, Vibhav Dhawan and Praveen Malhotra; Avendus Capital founder Ranu Vora; Trafigura CEO Raoul Bajaj; and senior executives from global investment firm KKR also participated in the round.
Commenting on the investment, Vibhav Dhawan said, “Given the proliferation of global digital lending platforms and Stashfin’s understanding of consumer behaviour, product development, and creating a technology platform leveraging the power of machine learning. This augurs well to the monetisation of big data that Stashfin is collecting.”
Stashfin is the parent company of digital lending platform, StashEasy. It was founded in February 2016 by Tushar Aggarwal.
Using the StashEasy platform, users apply online by giving certain personal, professional and banking details. Users can avail a loan from INR 10,000 to INR 2 Lakhs. The repayment period starts at two months with a maximum tenure of 18 months.The interest rates range from 11.99% to 59.99% APR (Annual Percentage Rate). The loans are paid through Equal Monthly Installments (EMIs) via electronic payment.
The Indian fintech market is forecasted to touch $2.4 Bn by 2020. The consumer lending sector has lately witnessed significant traction from investors. Earlier this month, Mumbai-based fintech startup Kissht raised $2 Mn from Hyderabad-based early-stage venture capital firm Endiya Partners and Ventureast. This was followed by Mumbai-based fintech startup LoanTap raising $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.
Prior to this, another consumer lending startup MoneyTap also raised about $12.3 Mn funding in a round led by Sequoia India. Existing investors New Enterprise Associates and Prime Venture Partners also participated in the round. Apart from Stashfin other startups in the consumer lending space include Lendingkart, FlexiLoans, KredX, Capital Float, etc.
(The development was reported by ET.)