Company Name : IndiaLends
Funding Amount : $ 1 million
Investor(s) DSG Consumer Partners, Siddharth Parekh, Gautham Radhakrishnan.
Credit and financial technology start-up, IndiaLends has closed a US$ 1 million bridge round of investment in a deal led by existing investors – DSG Consumer Partners, Siddharth Parekh, Gautham Radhakrishnan amongst others.
This investment comes within 2 months of its previous fund-raise. IndiaLends uses proprietary underwriting algorithms to help salaried and self-employed consumers and small businesses get access to unsecured loans at fair rates.
The company now plans to utilize the investment to grow its product suite, expand operations to 7 cities, enhance technology and engage the best talent in the sector.
IndiaLends has tied-up with close to 10 financial institutions and recently expanded its services to Mumbai and Bangalore, in addition to Delhi NCR. It processes over 300 loan requests a day offering loans between INR 50K .
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.”