Aeries Financial Pvt Ltd owned CASHe has raised around Rs 20 Crore debt funding from IFMR Capital, as per the financial daily report.
Mumbai based CASHe is one year old and plans to utilise fresh funds in accelerating its growth and build a loan book of subsidiary Bhanix Finance and Investment Ltd.
The company had raised Rs 25 crore ($3.8 million) in series-A funding in April this year from former Blackstone PE head Mathew Cyriac and other investors.
“The partnership aligns with our approach of taking exposure to high quality originators at an early stage to give them access to investors through structured product solutions,” said Kshama Fernandes, CEO, IFMR Capital.
The startup disburses small amount, short-term loans to young and salaried professionals using an algorithm that determines an applicant’s creditworthiness by tracking its mobile data usage and social profiles.
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The amount of loan ranges from 10,000 to 2 lacs for a period of 30-180 days and takes as less as 8 minutes to sanction the loan. Since its launch, the app claims to have seen over 5 lakh downloads with over 50,000 active borrowers.
CASHe claims to have disbursed loans worth Rs 23 crore in September and nearly Rs 200 crores since its launch in April 2016. The startup aims to disburse loans worth Rs 450 crore by March 2018.
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