AION Capital Partners Ltd, which is an existing investor in digital lending NBFC platform Clix Capital Services Pvt Ltd, along with other investors have infused $40 million (approx ₹280 crore) in Clix Capital. The platform Clix Capital said it will use the fresh funds to expand the business across its varied segments, especially consumer finance and digital platform, cited ET.
Pramod Bhasin, Founder and Chairman at Clix Capital, said, “At Clix, we are continuously trying to bridge the credit gap in the unserved and underserved segments such as new-to-credit customers and MSMEs. Towards this objective, we use cutting-edge technologies and insightful innovations to drive lending models that are responsive to the needs of end-customers while significantly expanding financial inclusion.”
Also, the Gurugram-based lending platform Clix will utilize the funding to continue its steady credit quality-led growth, focussing on the retail-lending segment, to achieve a 70 per cent composition by March 2020.
The company Clix believes the current liquidity squeeze in the lending space is also likely to present additional opportunities for selective acquisitions.
Clix Capital Services Private Limited was founded by Pramod Bhasin in 1994. The company provides financing services worldwide. It was formerly known as GE Money Financial Services Pvt. Ltd. Clix has scaled up and expanded its footprint to four million customers over the past three years, by building a strong franchise of fast-growing businesses across SME lending, consumer finance, mortgages and equipment finance segments.
Clix leverages technology, data and deep analytics to provide unparalleled credit access and a seamless experience to its customers. Sound risk management practices and a heavy focus on data-driven decision-making has helped the company maintain great portfolio quality.
Currently, the company claims to target a loan book of Rs 5,500-6,000 crore by the end of FY20, as compared to Rs 5,000 crore currently. It has a presence across 12 cities in India and envisages deeper penetration in these markets.
Parth Gandhi, Senior Partner and Managing Director at AION Capital, said, “Quality and scale will determine success in financial services in the future. Apart from infusion of capital, as majority partner, we are committed to bring in our global best experiences and expertise of technology and practices to Clix’s business. Our attempt would be to grow the Clix business steadily while maintaining a watchful eye on asset quality and profitability.”
Some of the prominent players in the Indian fintech market include Faircent, LenDenClub, IndiaMoneyMart, Monexo, LoanBaba, CapZest, and i2iFunding.