The company claims to have served 8 Mn customers and disbursed more than INR 2,000 Cr in personal loans since it launched its technology platform and API-based lending solutions
The company plans to double the amount disbursed in the next 18-24 months with a focused outreach towards retail consumers living across tier I-II cities and tier III towns
Launched in March 2015 by founders Gaurav Chopra and Mayank Kachhwaha, IndiaLends serves its 8 Mn customers through a network of 50 banks and NBFC partners
IndiaLends, an online marketplace for credit products and services, has raised $5.1 Mn in a Series A funding round led by existing investors ACP Partners and DSG Consumer Partners. The Delhi NCR-based 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.
The company claims to have served 8 Mn customers and disbursed more than INR 2,000 Cr in personal loans since it launched its technology platform and API-based lending solutions for B2C lending companies. The company plans to double the amount disbursed in the next 18-24 months with a focused outreach towards retail consumers living across Tier 1/2 cities and Tier 3 towns.
“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,” said IndiaLends founder and CEO Gaurav Chopra.
Launched in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends has loan partnerships with a network of 50 banks and NBFC partners across the country. The company claims that it is now able to serve over 100 Mn customers with the launch of its API solution for other lenders, where it offers these platforms a lending-as-a-service product. Third-party platforms can offer personal credit products to their user base via lending products available from a wide range of banks and NBFCs.
Among the four main fintech subsectors — payments, lending tech, insurance tech and investment tech — insurance tech (58%), investment tech (53%) and lending tech (44%) recorded the highest CAGR in 2015-2020 in terms of total funding. In contrast, digital payments recorded a negative growth rate (-32%), indicating diminishing investor confidence towards this sub-sector due to market saturation caused by established players.
In terms of deal count, lending tech startups had the highest share for four consecutive years, from 2017 to 2020. The average annual contribution of lending tech during this period was 50%.