Delhi-based fintech startup, Stashfin has secured ₹32 Crore ($5 million) from Kirloskar Group’s venture capital and Singapore-based Alto Partners in pre-Series A funding. Apart from this, other investors like Vibhav Dhawan and Praveen Malhotra (Positive Moves), Ranu Vora (Avendus Capital), Raoul Bajaj (Trafigura), and senior executives from KKR also participated in the funding round.
Vibhav Dhawan, one of the investors of Stashfin commented that “Given the proliferation of global digital lending platforms and Stashfin’s understanding of consumer behavior, product development and creating a technology platform leveraging the power of machine learning augurs well to the monetization of Big Data that Stashfin is collecting.”
Chris Kolenaty, founder of Snow Leopard Ventures mentioned that “The core team at Stashfin has deep, relevant experience in lending, financial services, technology and in scaling companies. The fund was raised while the venture was in stealth mode, making it one of the largest early-stage funding rounds in India.”
Moreover, customers remain in the middle of this market and they increase the value of speed, convenience and digital interactions over traditional branch visits and tellers.