IndiaLends Raises $5.1 Mn From Existing Investors The platform aims to double its loan disbursements to INR 4,000 crore in the next 18-24 months
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Gurugram-based digital lending platform IndiaLends announced to have raised $5.1 million in a funding round led by existing investors ACP Partners and DSG Consumer Partners.
The NCR-based firm will use the funds to expand its technology platform, increase its market footprint and amplify its product offerings to meet the pent-up demand in a post-COVID economic recovery.
"This fresh round of financing comes at a critical point in our business, enabling us to build our services and offer innovative products to our customers, as we usher into the next phase of growth. The use of new-age technologies and the government's pro-active efforts to push digitization is helping this high-potential space to grow and drive greater financial inclusion across the country. Although the pandemic had a severe impact on the sector, it has also led to the belief that digital lending is now the new normal. This investment is a testament to the fact that the sector is going to witness an upward curve in the days to come. We are very excited to have received this funding from our current investors ACP Partners and DSG Consumer Partners who have shown their trust and confidence in the business all along," said Gaurav Chopra, founder, and chief executive officer, IndiaLends.
Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends uses its transparent and highly advanced automated processing system to offer unsecured credit products to a customer base of over 8 million through its 50-plus bank and NBFC partners across the country and disbursed more than INR 2,000 crore in personal loans since its launch via its technology platform and API-based lending solutions that it offers to other B2C companies.
"DSGCP first invested in IndiaLends in 2015. Since then, we have witnessed strong market traction as IndiaLends leverages relationships with leading NBFCs and banks to make credit accessible to a broad set of consumers. We were particularly impressed by how Gaurav and his team at IndiaLends navigated the challenges posed by the COVID-19 pandemic. We are excited to back IndiaLends as it enters its next phase of growth," stated Deepak Shahdadpuri, managing director, DSG Consumer Partners.
The company aims to emerge as the leading financial marketplace in India and double the disbursements in the next 18-24 months with a focused outreach towards retail consumers living across tier-I, tier-II cities, and tier-III towns. It also intends to extend its outreach to the underserved customers, people who are worthy of getting access to credit but are unfortunately left out owing to the lack of reliable credit history, the company shared.
"IndiaLends is helping customers make educated and better borrowing decisions by giving them curated loan offers from over 50 lenders with transparent product terms, enabling them access to credit. We are excited to support this growth and offer these services to millions of Indians through our lending-as-a-service partnerships," added Alok Oberoi, chairman, partner, and co-founder, ACP Partners.
In addition, IndiaLends is now able to serve over 100 million consumers via its B2B API solutions where it offers other consumer platforms a lending-as-a-service product whereby these platforms can offer personal credit products to their user base via lending products available from a wide range of banks and NBFCs.
