Indian telecommunications major, Bharti Airtel has acquired an equity stake in fintech startup Seynse Technologies Pvt. Ltd, for an undisclosed amount. The deal has been facilitated through its subsidiary arm, Bharti Airtel Services.
Launched in 2015 by Gaurav Jaiswal, Seynse offers a host of digital financial services to its users including a digital lending platform called Loan Singh. To this end, it has built a proprietary credit engine and deploys machine learning to offer easy loans to credit-worthy SMEs.
Gourav Jaswal, Director, Seynse said, “We’re privileged to have Airtel as a partner in our growth journey and look forward to gaining from their deep understanding of the Indian customer. This partnership will give Seynse the opportunity to innovate for a much wider audience and add to its product portfolio.”
Commenting on the development, Harmeen Mehta, Global CIO and Director – Engineering, Bharti Airtel said “Over the years, Airtel has developed strong, in-house, data science capabilities that enable us to serve our customers better. Seynse’s advanced credit scoring algorithms based on multiple sources and digital analytics will add immense value to our innovation factory. We look forward to working with the passionate team of professionals at Seynse to bring targeted products and solutions to our 270 Mn plus customers.”
Based in Goa, the startup was incubated at Protozye, the incubator that has supported other startups – including Mobiefit, a mobile fitness company; HandyTrain, a mobile-based SaaS platform for corporate training, and TempoGO, an IoT- and SaaS-based techno-logistics solution provider.
In February this year, Bengaluru-based online lending platform Capital Float raised about $2.5 Mn (INR 17 Cr) from IFMR Capital Finance and its alternative investment fund. Other players in this segment include Lendingkart, FlexiLoans, KredX, etc.