Shubh Loans, a digital lending platform, owned by Datasigns Technologies Private Limited, has raised ₹34 crore as part of its series A2 funding from Omidyar Network India, Saama Capital, Beenext, SRI Capital, and Pravega Ventures, cited Mint.
The Bengaluru-based fintech platform Shubh Loans will use the fresh funds to expand its customer sourcing platform, work on increasing its technology capabilities, and grow the data science team and credit scoring platform to incorporate next-generation features.
The startup Shubh Loans, will also grow its on-ground sales team and expand distribution to nearly 40 cities by end of the year.
Monish Anand, co-founder & CEO, Shubh Loans, said, “Shubh Loans’ partnership with Omidyar Network India speaks of the shared focus that both organisations have towards emerging technology and inclusiveness. The infusion of funding will expand our footprint in India and improve customer experience by augmenting data science capabilities. By providing timely access to loans for an underserved market, we ensure that aspiring Indians are not denied rightful borrowing for their personal needs.”
Shubh Loans was founded by Monish Anand and Rahul Sekar in 2016. The platform provides personal loans to the emerging segment of underserved and new-to-credit borrowers at the lower end of the income spectrum.
Amol Warange, Principal at Omidyar Network, said, “Shubh Loans not only provides credit to an underserved market, but also leverages technology to promote financial literacy by handholding its customers towards better credit behaviour and financial health. This, in turn, leads to a more meaningful life for its customers. We are excited to partner with Monish, Rahul, and the rest of the Shubh Loans team.”
While, in 2017, Shubh Loans bagged $1.5 million in pre-Series A funding from clutch of existing investors.
Some of the emerging capital lending platforms include Lendingkart, Paytm Payments Bank, LoanTap, DIPL, Groww and many more.