Cash Suvidha, a Delhi-based online lending startup has announced that it has managed to raise around ₹17.3 crore in a debt funding round from various financial institutions.
The capital will now be used by the company to facilitate further lending to Small and Medium Enterprises (SMEs) and personal loans, particularly in cities like Delhi NCR, Bengaluru, Pune, Hyderabad and Mumbai.
Commenting on this development, founder of Cash Suvidha, Rajesh Gupta said,
This working capital infusion will provide propulsion for further accelerating the company’s exciting growth plans. The funds so raised will be used to replenish our loan book and widen our reach across the country. We are confident that our relationship with these institutions will help us in empowering more SMEs by addressing their working capital requirements.
According to the startup, it receives around 15,000 loan applicatiojns per month and has disbursed a total amount of ₹102 crore since its inception.
The company says that it has developed its own ‘Suvidha Score’ for assessing creditworthiness using social media portals to check educational & professional backgrounds, tracking lifestyle spends, payments behavior, and spending patterns.
Cash Suvidha was founded by Rajesh Gupta and Anoop Garg in 2016. The company offers information based lending, online application acceptance, and viability based financing. It disburses loans in 48 hours and charges around 19-28 percent on reducing balance EMI.