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Delhi-based financial technology startup IndiaLends has raised an undisclosed amount in its pre-Series A round of funding led by VC firm DSG consumer Partners and Siddharth Parekh in his individual capacity. Funds raised will be used by the startup to expand its footprint across the country and further build its technology.
The company was founded 3 months ago by Gaurav Chopra and Mayank Kachhwaha. It plans to be in 8 to 10 major cities by the end of current fiscal year. It is a credit underwriting and analytics platform that disburses loans after analysing a potential borrower’s bank statements, utility bills and consumer behaviour. The startup uses proprietary algorithms to connect borrowers with non-banking finance companies such as Fullerton India and Bajaj Capital, while also providing data analytics and risk scoring services, along with a loan management platform.
IndiaLends claims to have underwritten more than 1500 applications and disbursed about INR 2 Cr. in loans. Organised lending is available to a handful people in the country, while others have to be at the mercy of unorganised lenders, and end up paying high interest rates. Organised lending startups have witnessed a rise as well as interest from investors.
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