Delhi NCR-based digital lending platform IndiaLends on Friday announced that it has raised $5.1 million in a financing round led by existing investors ACP Partners and DSG Consumer Partners.
According to the official statement, the firm will use the funds to expand its technology platform, increase its market footprint and amplify its product offerings to meet the pent-up demand in a post-COVID economic recovery.
Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends uses its transparent and highly advanced automated processing system to offer unsecured credit products to a customer-base of over 8 million through its 50-plus bank and NBFC partners across the country.
Speaking about the new development, Gaurav Chopra, Founder and CEO, IndiaLends, said,
“This fresh round of financing comes at a critical point in our business, enabling us to build our services and offer innovative products to our customers, as we usher into the next phase of growth. The use of new-age technologies and the government’s pro-active efforts to push digitisation is helping this high-potential space to grow and drive greater financial inclusion across the country.”
“Although the pandemic had a severe impact on the sector, it has also led to the belief that digital lending is now the new normal. This investment is a testament to the fact that the sector is going to witness an upward curve in the days to come. We are very excited to have received this funding from our current investors ACP Partners and DSG Consumer Partners, who have shown their trust and confidence in the business all along.”
The company aims to emerge as the leading financial marketplace in India, and double disbursements in the next 18-24 months, with a focused outreach towards retail consumers living across Tier I and II cities, and Tier III towns.
Apart from traditional Banks and NBFCs, IndiaLends is now also offering pre-qualified loans from all major fintech and P2P lenders to its customers – improving both eligibility and process.
Commenting on the investment, Deepak Shahdadpuri, Managing Director, DSG Consumer Partners, stated,
“DSGCP first invested in IndiaLends in 2015. Since then, we have witnessed strong market traction as IndiaLends leverages relationships with leading NBFCs and banks to make credit accessible to a broad set of consumers. We were particularly impressed by how Gaurav and his team at IndiaLends navigated the challenges posed by the COVID-19 pandemic. We are excited to back IndiaLends as it enters its next phase of growth.”
“IndiaLends is helping customers make educated and better borrowing decisions by giving them curated loan offers from over 50 lenders with transparent product terms, enabling them access to credit. We are excited to support this growth and offer these services to millions of Indians through our “lending as a service” partnerships”, added Alok Oberoi, ACP Partners.