Indian Fintech startup Cash Suvidha raises $1 million pre-Series A funding from the set of investors including Initia Holdings Ltd, Vipin Agarwal, Partner in India Industrial Growth Fund and others.
The new funding round will use to facilitate further lending to SMEs, MSME, individuals and improve the technology infrastructure.
Cashsuvidha is targeting users from Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan locations to maximize borrowers.
According to the company, which registered as a Usha Financial Services receives around 15,000 loan applications per month and disburses loans within two working days.
The Delhi based company has raised total $5.2 million debt funding and distributed Rs 152 crore.
As per the data, Cashsuvidha 80% loan goes to SME sector.
“This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies. We have recently started our operations in Kota and Jaipur. Our next destination is Ajmer and other parts of Rajasthan. After covering Rajasthan we will move towards Gujarat and other, parts of India,” said founder Cash Suvidha, Rajesh Gupta.