Consumer finance startup HappyEMI raises ₹7 crores

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Bengaluru-based consumer finance startup HappyEMI has raised around ₹7 crores ($1 million) from Chennai-based AJ Ventures & Investments and Jain International Trade Organisation angel network.

The funds raised will be used to expand its geographical footprint and to onboard more merchant partners to source more loans. The startup will also be looking to lend credit across different sectors like education and healthcare services.

HappyEMI is a consumer financing startup that offers instant financing solutions at the point of sale in-store and online platforms. It takes a data-driven approach to calculate risk beyond credit score to enable a broader customer base with financing options. It was founded by Suhas Gopinath, along with Anmol Vij in 2017.

The startup has partnered with retailers from different categories including mobiles, consumer durables, and home improvements while charging a commission of 2% from its partners on every transaction.

“We are building a digital-lending ecosystem for Indian consumers at points of sale and are now focusing on tier-II and tier-III cities to broaden our reach and give consumers access to a wide variety of point of service loans,” said Suhas Gopinath, CEO of HappyEMI.

The startup helps its retail partners to boost basket sizes, improve sales conversion, and improve customer experiences. It also aims to serve the underserved by providing them with loans to improve financial inclusion. HappyEMI claims to have disbursed 10,000 loans while restricting non-performing assets to merely 2%.

Other prominent fintech players focused on consumer lending include LenDenClub, Faircent, MoneyTap, Lendingkart, among many others.

AJ Ventures & Investments is an early-stage venture capital founded in 2015. It focuses majorly on healthtech, fintech, deep tech, and energy sectors. Some of its notable investments include insurance comparison platform Easypolicy, Kyvor Genomics, Detect Technologies, among others.


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