Major digital lending platform IndiaLends has raised US$5.1 million in a financing 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.
IndiaLends has already won the trust and confidence of over 8 million customers and disbursed more than INR 2,000 crores in personal loans since its launch via its technology platform and API-based lending solutions that it offers to other B2C companies. The company aims to emerge as the leading financial marketplace in India and double the disbursements in the next 18-24 months with a focused outreach towards retail consumers living across tier I-II cities and tier III towns. IndiaLends also intends to extend its outreach to the underserved customers, people who are worthy of getting access to credit but are unfortunately left out owing to the lack of reliable credit history.
IndiaLends Founder and CEO Gaurav Chopra 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.”
"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", said Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.
"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", said Alok Oberoi, ACP Partners.
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.
In addition, IndiaLends is now able to serve over a 100 million consumers via its B2B API solutions where it offers other consumer platforms a “Lending as a Service product” whereby these platforms can offer personal credit products to their user base via lending products available from a wide range of Banks and NBFCs.
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.