Cash Suvidha, a Delhi-based online lending platform has secured $2.3 million (approx ₹15 crore) in debt funding through private placement on non-convertible debentures and from various financial institutions.
The fintech platform will utilize the infuse capital to increase the loan books of the company. While, till date, it has raised $10.25 million funding.
Geeta Goswami, cofounder, Cash Suvidha, said, “Cash Suvidha’s financial performance has been strong since inception and we are glad to have significantly captured the market in just 3 years. This capital infusion will allow us to further accelerate our fast-growing lending platform and enhance our ability to provide the best terms to borrowers that do not have an established credit history.”
Cash Suvidha was founded in 2016. The company offers business loans to small and medium enterprises, micro small and medium enterprises, and women entrepreneurs as well as personal loans to individuals.
Cash Suvidha provides loans with a ticket size of INR 50,000 – INR 5 Lakh for SMEs and INR 15K – INR 50K for MSMEs.
As per a survey conducted by BCG and Google in 2018, about 23 per cent of consumers in India have availed of retail loans digitally. Another interesting fact presented in this report says SME loans and personal loans have the highest digital influence as well as purchase rate.