American Express Ventures, DSG Consumer Partners, Others Bet $4 Mn On Fintech Startup IndiaLends

American Express Ventures, DSG Consumer Partners, Others Bet $4 Mn On Fintech Startup IndiaLends

Delhi-based credit and financial technology startup, IndiaLends has raised $4 Mn Series A funding from American Express Ventures, existing investors DSG Consumer Partners, Chinese investment firm Cyber Carrier VC, and AdvantEdge Partners.

The funding will be used to expand its credit underwriting and analytics capabilities, offer more consumer-focussed products and increase its market footprint across India.

IndiaLends was founded in March 2015 by Gaurav Chopra and Mayank Kachhwaha. It is a credit scoring and analytics platform focussed on disrupting the fragmented consumer lending market in the country.

Talking about the platform, co-founder Gaurav Chopra said, “We have witnessed strong traction in the past year with our loan volumes growing 100% quarter-on-quarter. We have partnered with over 30 banks and Non-Banking Financial Companies (NBFCs) and now offer bespoke lending products in segments that have been historically underserved. The superior quality and quantity of data is helping financial institutions underwrite more and more of our customers.”

IndiaLends operates an online marketplace that allows consumers to shop for loan products, as well as access credit scores and financial education. As per a company statement, it currently attracts over 140,000 visitors every month. It also provides credit scoring solutions to financial institutions to help them increase their lending footprint.

As per the founder, the startup has recently introduced products like credit builder loans for first-time borrowers, in partnership with select banks and NBFCs.

“We continue to support IndiaLends in its endeavour to provide financial institutions with technology and risk-assessment capabilities that will help them lend to consumers at scale. The company’s track record and strong financial and business fundamentals, along with its team’s ability to create products that have high product-market fit has increased our faith in their vision and execution capabilities.” said Deepak Shahdadpuri, Managing Director, DSG Consumer Partners

In December 2015, IndiaLends raised funding from DSG Consumer Partners and individual investors Siddharth Parekh and Gautham Radhakrishnan.

Earlier in February 2016, Bengaluru-based peer to peer lending marketplace startup, Loanzen, raised an undisclosed amount of seed funding from Tracxn Labs and angel investors, through Tracxn Syndicate. In October 2016 Gurugram-based mobile wallet company MobiKwik forayed into the short-term consumer loan segment. Users can now avail short-term credit loans from its platform. They can also register themselves for EMIs. Other startups in this segment include Deal4Loans, LendingKart, LenDenClub, Faircent, etc.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

American Express Ventures, DSG Consumer Partners, Others Bet $4 Mn On Fintech Startup IndiaLends-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

American Express Ventures, DSG Consumer Partners, Others Bet $4 Mn On Fintech Startup IndiaLends-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

American Express Ventures, DSG Consumer Partners, Others Bet $4 Mn On Fintech Startup IndiaLends-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

American Express Ventures, DSG Consumer Partners, Others Bet $4 Mn On Fintech Startup IndiaLends-Inc42 Media
American Express Ventures, DSG Consumer Partners, Others Bet $4 Mn On Fintech Startup IndiaLends-Inc42 Media
You’re in Good company