NBFC InPrime Bags $6 Mn From InfoEdge, Others

SUMMARY

The investment was led by Pravega Ventures with participation from its existing investors Z47, InfoEdge Ventures, and Kettleborough VC

The NBFC is planning to deploy the funds into expanding into deeper geographies

InPrime offers loans between INR 50,000 and INR 3 Lakh to customers for a tenure of 6-36 months

Update | July 8, 10:40

The headline of the story has been edited to change the funding amount to $6 Mn from $3 Mn earlier.

Original Story | July 7, 20:18

Bengaluru-based non-banking financial company (NBFC) InPrime Finserv has raised INR 50 Cr (about $6 Mn) in its Series A1 round.

The round, led by Pravega Ventures, saw participation from existing investors — Z47, InfoEdge Ventures and Kettleborough VC.

The NBFC plans to deploy the fresh capital to expand its presence beyond metro cities, targeting aspirational customers with stable incomes.

The NBFC has set its sights on empowering micro and nano entrepreneurs, self-employed professionals, small retailers, and the ones engaged in farming or allied sectors.

Founded in 2021 by Rajat Singh, Manish Raj and Sneh Thakur, InPrime provides business loans without collateral. It employs a hybrid model to evaluate customer needs and creditworthiness. It also offers loans against properties.

The Bengaluru-based NBFC raised $3 Mn in January 2024. It has secured more than $10 Mn since its inception.

The NBFC offers loans between INR 50,000 and INR 3 Lakh to customers for a tenure of 6-36 months. It charges a fixed rate of interest of 25% per annum. It received certificate of registration (COR) from the Reserve Bank of India (RBI) to operate as an NBFC in April 2023.

“InPrime’s tech-first, self-service platform — reinforced by local field teams — lays the digital railroads these entrepreneurs deserve, delivering formal-economy-grade service and real control in one place. When they grow, India accelerates toward its $10-trillion ambition — and we’re proud to stand shoulder-to-shoulder with them,” InPrime’s CEO Singh said.

The development comes at a time when a growing number of Indian startups are applying for NBFC licences.

In March, ecommerce giant Flipkart secured its NBFC licence from the RBI, becoming India’s first ecommerce company to be disbursing loans. Companies such as Kuhoo Finance and Vayana have also received NBFC licences this year.

Inc42’s analysis forecasts the domestic fintech market to reach a market size of $2.1 Tn by 2030, with a projected 18% CAGR from 2022. Within this, lending tech is anticipated to dominate, constituting the majority at $1.3 Tn.