IndiaLends, a digital lending platform based in the Delhi NCR, announced on Friday that it had raised $5.1 million from existing investors ACP Partners and DSG Consumer Partners.
According to the official statement, the funds will be used to extend the company’s technology platform, expand its market footprint, and broaden its product offerings in order to meet the unmet demand in a post-COVID recovery.
IndiaLends, founded in March 2015 by Gaurav Chopra and Mayank Kachhwaha, uses its transparent and advanced automated processing system to offer unsecured credit products to over 8 million customers through its 50+ bank and NBFC partners across the country.
“This new round of funding comes at a crucial stage in our business, enabling us to construct our services and offer creative products to our customers as we enter into the next phase of growth. This high-potential space is growing and driving greater financial inclusion throughout the country thanks to the use of technological advances and the government’s comprehensive efforts to push digitalization,” said Gaurav Chopra, Founder and CEO of IndiaLends.
“While the pandemic had a significant effect on the industry, it has also led to the belief that digital lending is the new normal. This investment is proof that the industry will continue to grow in the near future. We are thrilled to have received this funding from our existing investors, ACP Partners and DSG Consumer Partners, who have consistently demonstrated their faith in the company,” added Gaurav.
With a focus on retail customers in Tier I and II cities, as well as Tier III towns, the company aims to become India’s leading financial marketplace and double disbursements in the next 18-24 months.
Apart from traditional banks and NBFCs, IndiaLends now offers its clients, pre-qualified loans from all major fintech and peer-to-peer lenders, improving both eligibility and process.
