Delhi-based online lending platform Cash Suvidha has raised $2.5 Mn in debt financing through financial institutions and private placement.
The fintech startup has raised $1 Mn from two financial institutions and $1.5 Mn through private placement on Non-Convertible Debentures.
Cash Suvidha will use the latest funding 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.
Rajesh Gupta, Founder of Cash Suvidha, said,“This capital infusion will provide the impetus for further accelerating the company’s exciting growth plans. The influx of funds will enable us to replenish our loan books and will allow us to cater to a wider range of SMEs across the country.”
Cash Suvidha: Leading The Online Lending Charts With Its Profitable Venture
Founded in 2016, Cash Suvidha offers business loans to Small and Medium Enterprises (SMEs), Micro Small and Medium Enterprises (MSMEs), and women entrepreneurs and personal loans to individuals.
The company claims to receive 15,000 loan applications per month and has disbursed $19 Mn (INR 122 Cr) since its inception.