Delhi-based credit and financial technology startup, IndiaLends, has raised about $1 Mn (INR 6.5 Cr.) in its Bridge round of funding led by existing investors DSG consumer Partners, a VC firm and Siddharth Parekh, partner at Mumbai-based private equity firm Paragon Partners.
The investment comes within 2 months of its previous fundraise.
Besides, Gautham Radhakrishnan, partner at Tata Opportunities Fund, has also participated in this round. Both, Parekh and Radhakrishnan have invested in their personal capacities.
IndiaLends was founded this year by Gaurav Chopra and Mayank Kachhwaha. The startup is a credit underwriting and analytics platform that disburses loans after analysing a potential borrower’s bank statements, utility bills and consumer behaviour. It 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.
The venture claims to have underwritten more than 8,000 applications and disbursed about INR 3 Cr. in loans., and it is currently operational in Delhi, Mumbai, Bangalore and Pune. It has also tied-up with around 10 financial institutions and processes over 300 loan requests per day between INR 50K and 15Lacs.
The raised capital will be used to expand operations in 7 cities, grow its product suite, enhance technology and engage the best talent in the sector.
Speaking on the development, Gaurav Chopra, co-founder of IndiaLends, said, “On the basis of customer interaction and feedback, we have now developed new products to help more Indians achieve financial independence. The new product suite launching later this year will expand beyond loans and is based on account level-analytics.”
Canaan Partners India head Alok Mittal has also launched his new startup Indifi. This Gurgaon-based startup enables quick access to debt financing to the various small and medium enterprises in the country.
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