IndiaLends, a fintech start-up that connects borrowers with lenders, has raised $5.1m in a financing round.
The round was led by existing investors ACP Partners and DSG Consumer Partners.
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The company plans to utilise the proceeds to bolster its footprint and expand its product offerings.
According to local reports, IndiaLends has more than 8 million customers currently. Additionally, the fintech has disbursed more than INR20bn ($276.15m) in personal loans since its launch in 2015.
In the next 18-24 months, the company aim to double disbursements by focusing on Tier-II and Tier-III towns.
IndiaLends founder and CEO Gaurav Chopra was quoted as saying: “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.
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By GlobalData“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.”
DSG Consumer Partners managing director Deepak Shahdadpuri said: “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.”
Currently, IndiaLends has tie-ups with around 50 banks and NBFC partners.
