CASHe, a mobile application based service that offers instant personal loans, has announced that it has secured ₹20 crore in a debt funding round from IFMR Capital in its NBFC company, Bhanix Finance and Investment.
The company will now use the incoming capital to ramp up its loan book. Prior to this funding round, the company had raised ₹25 crore in Series A round in April this year.
Commenting on this funding round, V Raman Kumar, Chairman of Aeris Financial Technologies, which runs CASHe, said,
CASHe is aggressively expanding its reach to meet the growing needs of millions of salaried millennials across the country. As we look to expand our already significant national footprint, we’ve found a great partner in IMFR Capital to support our growth strategy. This round of debt funding by IFMR Capital increases our capital pool which translates into higher loan disbursements, and more satisfied customers on a pan-India basis.
Kshama Fernandes, chief executive officer, IFMR, said,
IFMR Capital is excited to partner with CASHe in transforming the financial landscape and improving credit availability for young salaried professionals. The partnership aligns with our approach of identifying and taking exposure to high-quality originators at an early stage with the intent of giving them access to capital markets investors through customised structured product solutions.
CASHe, founded in 2016 by V. Raman Kumar, is a finance technology startup which says to have a sophisticated yet easy-to-access approach to lending through its technology platform.
The company says that it disbursed loans worth ₹23 crore in September, taking the total loan disbursal to ₹200 crore since its launch in April 2016. Now, the startup is aiming to achieve an overall loan disbursal of ₹450 crore by March 2018.