IndiaLends, a consumer lending startup has raised around ₹69 crores ($10 million) in series B funding, led by asset management firm ACPI Investment Managers based in London along with India-focused capital firm Ganesh Ventures.
Existing investors including Amex Ventures, the corporate ventures investment arm of American Express and DSG Consumer Partners, consumer-focused venture capital firm led by Deepak Shahadadpuri also participated in this round of funding.
The funds raised will be used to launch new products for its customers, develop technology for its platform and boost hiring abroad.
IndiaLends is a consumer lending startup based in New Delhi, founded by Gaurav Chopra, Mayank Kachhwaha in March 2015. It provides fintech products and services to its customers like personal loans, unsecured loans, installment loans and credit cards.
It essentially connects borrowers with the lenders to help them get the best deals using value-added services like big data analytics, credit risk assessment, and verification.
In a media statement, Gaurav Chopra said, “RBI data on sectoral deployment of bank credit in FY18 reflects the tremendous growth potential of personal loans. We will shortly be launching new products such as an app-based line of credit and point-of-sale loans to meet the needs of our customers”.
IndiaLends has partnered with over 40 top Banks and NBFCs which includes HDFC Bank, ICICI Bank, IDFC Bank, SBI, Capital First, TATA Capital among many others. IndiaLends has been operational for over 3 years and has already served more than 10 lakh customers.
Fintech is a hot space right now and it is expected to reach $3 trillion in the next decade. This has lead to a flurry of startups trying to establish their own footprint in the market. IndiaLends is not alone in providing digital lending to its customers. Flipkart has recently applied for NBFC license and LoanTap has raised 43 crores in equity funding. PaisaBazaar, LendingKart, LenDenClub, Faircent are amongst some of its competitors eyeing for the same market.