One of the largest fintech startup of New Delhi IndiaLends has raised $10 million which is about Rs 69 crore in Indian currency in its Series B round of funding, which has been led by two largest venture capitalist that is ACPI Investment Managers and India-focused venture capital firm Ganesh Ventures.
The company raised last funding around 18 months back with $4 million, that was led by American Express Ventures, the corporate venture investment arm of American Express Co.
IndiaLends which has a close competition with the paisaBazaar as well as some of the financial institutions and banks will use the funding for the launch of new products in the market to acquire more customers.
Till date, the company has raised an estimated $16 million in funding since inception. “RBI data on sectoral deployment of bank credit in FY18 reflects the tremendous growth potential of personal loans. We will shortly be launching new products such as an app-based line of credit and point-of-sale loans to meet the needs of our customers”, said Gaurav Chopra, founder, IndiaLends.
IndiaLends has already make a partnership with more than 60 banks such as IIFl, RBL bank, Baja Finserv, and HDFC bank. On which the company has claimed that they have disbursed the loans worth Rs 500 crore and with more than 3 lacs credit cards.
“Price comparison platforms have enjoyed success as a consumer-driven product offering with a number of strong players in the US, Europe and Southeast Asia. India is set to enter a phase of rapid retail credit expansion; IndiaLends is perfectly positioned to capitalise on this growth,” said Alok Oberoi, founder of ACP Partners.
The startup has been founded by the two IITian Gaurav Chopra and Mayank Kachhwaha in the year 2015, with the motive to make India a developed nation.