Get All Access for $5/mo

Digital Lending Platform Abhi Loans Raises $4.5 Million The fund raised will be allocated for technology development and the growth of the loan book

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

KNAB Finance Advisors Private Limited, a regulated NBFC registered with RBI, has raised $4.5 million in debt and equity for its digital lending platform, Abhi Loans. The funding round was led by DMI Sparkle Fund along with the participation of angel investors including Niten Malhan, Ashvin Chadha, S K Jain among others. The fund raised will be allocated for technology development and the growth of the loan book.

"One method to save money on several high-interest loans, for instance, is to monetize the small mutual fund portfolios we have. Starting with a small loan amount of as low as INR 15,000, any retail customers with a unit balance of INR 20,000 can take a cheap loan and also opt for low-debt consolidation. It reduces the interest burden in the long run and make the repayment much easier," said Mandeep Chaudhary, founder, Abhi Loans.
Abhi Loans' USP is rapid loan approval and disbursement of loans against securities pledged as collateral. Customer can get a loan upto 65 per cent of the value of shares held and upto 75 per cent of the mutual fund holdings. The rate of interest is fixed at 10.5 per cent per annum throughout the loan tenure, claimed by the platform in a statement.
"We are excited to work with the team at KNAB to help build out an innovative new product suite which takes us closer to our dream at DMI of enabling financial inclusion at scale across India," said Shivashish Chatterjee, co-founder, DMI Group.
Founded by Deepit Singh and Mandeep Chaudhary, Abhi Loans is a product of KNAB that deploys technology to develop and implement convenient and pertinent financial solutions. It aims to build and deliver quick credit solutions for the common Indian.
Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

Tech Burner's Anarc Smartwatch Achieves INR 3 Cr Sales with USD 1 Mn Investment

Anarc features a patented octagonal design by Thought Over Design and Seymourpowell, with a medical-grade stainless steel body. It includes advanced technology like a Hisilicon chipset, AMOLED display, and seven-day battery life.

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Diversity

5 Ways You Can Create a More Inclusive Workplace Immediately -- and Why You Should

The more diversity you bring to your team, the greater your chances of finding groundbreaking insights and solutions.

Marketing

4 Neuromarketing Hacks to Reach More People and Maximize Results

You don't need to be a neuroscientist or have a big budget to start upping your conversions immediately.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Insurtech Player Zopper Raises $25M in Series D Funding

With 40 insurance companies and 2500+ ecosystem players, Zopper will utilize the fresh capital to ramp up digital infrastructure, by strengthening its Insurance Distribution platform