Money View aims to raise up to INR 250 Cr by issuing redeemable NCDs on a private placement basis in one or more tranches
The lendingtech soonicorn plans to use the funds to meet its working capital requirements and other general purposes
Money View last raised $75 Mn in its Series E funding round led by Apis Partners at a valuation of $900 Mn in December 2022
Bengaluru-based lendingtech soonicorn Money View is looking to raise INR 250 Cr (around $29.8 Mn) from unidentified investors through private placement of non-convertible debentures (NCDs).
In a filing with the Ministry of Corporate Affairs, Money View said its board passed a special resolution in June to issue secured, redeemable NCDs to raise up to INR 250 Cr in one or more tranches on a private placement basis.
The proposal to raise funds was approved by its shareholders in a meeting held on August 23, Money View said.
The startup plans to use the funds to meet its working capital requirements and other general purposes, as per the filing.
The development was first reported by Entrackr. Earlier, the publication also reported that Money View was in the final stages of raising $50-60 Mn in a Series F funding round at a valuation of $1 Bn.
Founded by Puneet Agarwal and Sanjay Aggarwal in 2014, Money View is a lendingtech startup that offers personal loans of up to INR 10 Lakh and business loans of up to INR 5 Lakh. Besides, it also offers home loans for a tenure of up to 30 years.
The startup last raised $75 Mn in its Series E funding round led by UK-based private equity funding Apis Partners at a valuation of $900 Mn in December 2022.
Prior to that, in March 2022, the fintech startup bagged $75 Mn in Series D funding from marquee investors such as Tiger Global, Accel, among others.
According to Inc42 data, Money View has raised over $183 Mn in funding till date. It also counts Ribbit Capital, Winter Capital and Evolvence India among its backers.
Money View competes with the likes of Aye Finance, Moneyboxx, Fibe, PaySense, ZestMoney, among others, in the country’s rapidly-growing digital lending market.
As per Inc42’s ‘State Of Indian Fintech Ecosystem Q3 2023’ report, the Indian digital consumer lending market is projected to surpass the size of $720 Bn by 2030.
