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Flipkart Cofounder Invest $100 Million in Indian Fintech Firm, Becomes CEO

25Sep By PriyankaNo Comments

FUNDING

Flipkart Cofounder Invest $100 Million in Indian Fintech Firm, Becomes CEO

25th Sept, 2019- Flipkart co-founder Sachin Bansal, who sold his part of equity and exited the e-commerce major with USD 1 billion in payout announced an investment of Rs 739 crore (close to $100 million) in Bengaluru based lending firm CRIDS. The percentage of shares has not been disclosed. The 37-year old billionaire invest $100 million in two part, where $20 million is in secondary transactions to buy out share of existing investors. Unlike his past bets, where he has played the role of a financial investor alone, Bansal will lead the lending firm as its chief executive officer. Bansal had sold out his stake in Flipkart when the American retail giant Walmart acquired the majority stake in the ecommerce platform co-founded by Bansal and his friend Binny Bansal last year....

Loans are the Secret of Indians Lifestyle: Survey

8Aug By PriyankaNo Comments

ANALYSIS

Loans are the Secret of Indians Lifestyle: Survey

Around half of Indians surveyed are open to taking loans especially for fulfilling family needs and upgrading their lifestyle, a report said on Thursday. The survey commissioned by Home Credit India, a consumer finance provider, revealed that nearly one-third of respondents are willing to take a loan for a consumer durable item such as mobile phone, television, and refrigerator etc. The other popular loan categories are two-wheelers (23.3 percent) and personal expenses (20.3 percent), the survey said. This is followed by car purchase (12.5 percent), house (12 percent) and gold (10.5 percent), it said. When asked about the future, 33 percent of respondents are likely to take it for consumer durables while personal loans are the next high interest segment at 28 percent followed ...

Paisabazaar.com to Bring Cooperative Banks to its Platform

14Dec By Gauri SinghNo Comments

BUSINESS

Paisabazaar.com to Bring Cooperative Banks to its Platform

Paizabazaar.com which is an online loan marketplace is planning to bring in cooperative banks to its platform. It has been reported that cooperative banks in Ahmedabad have been approached by the portal. Various bankers stated that it’s probably the first time an online aggregator is looking to offer as many options as possible to the consumers who are applying for loans through its platform as this pushes up the chances of approval. “They are a great local bank to a segment which will help increase inclusion. These customers are the ones who now using internet via mobile phones and we expect to cater to these new set of customers by partnering with cooperative banks,” Naveen Kukreja, CEO,Paisabazaar.com said. But, the latter did not disclose the details of it...

9Aug By AnkitaNo Comments

FUNDING

Lending Platform Prest Loans Raises $2.5 Million Funding

Delhi based lending platform Prest Loans raises $2.5 Mn (appr. Rs. 16.5 Crore) debt funding from multiple lenders including AU Small Finance Bank, INCRED, MAS Finance, Northern Arc Capital (earlier IFMR) and other who have been with the company from very early stage itself. The company has seen 10X growth in lending on YoY basis and is on aggressive expansion plan. Earlier the seed investors of the company infused $100K (Rs. 65 lakh) in equity to further strengthen the technology platform and meet the growing demand of credit. "The funding is an indication of confidence shown by lenders in our business. We got excellent support from various lenders within the first year of our operations and could raise debt largely due to strength of the business model, processes and technology b...

9Jul By Gauri SinghNo Comments

FUNDING

One More Indian Lending Startup Raises $10 Million Funding

IndiaLends, a New-Delhi based digital lending and borrowing marketplace has raised $10 million (about Rs 69 crore) in a Series B funding round. The funding round was led by ACPI Investment Managers (London-based asset management firm) and Ganesh Ventures (India-focused venture capital firm). The latest funding round also saw the participation of existing investors such as AmEx ventures, Deepak Shahdadpuri-led consumer-focused venture capital firm DSG Consumer Partners and AdvantEdge Partners. This funding news has come around 18 months after the firm had secured $4 million in a funding round which was led by American Express Ventures, the corporate venture investment arm of American Express Company. As of now, the total amount that the company has raised in funding is around $16 mill...

31May By AdityaNo Comments

FUNDING

CredRight Raises Rs 9 Crore Pre-Series A Funding

Hyderabad-based fintech startup CredRight raises 9 Crore from Accion Venture Lab, YourNest, an early stage venture capital fund along with other individual investors. Lending platform CredRight provides a loan to unserved and underserved micro, small, and medium enterprises (MSMEs). The company partners with chit funds, which are similar to Rotating Savings and Credit Association (ROSCAs) in the United States but use a reverse auction to distribute pooled funds across India to acquire customers and use previously untapped chit data, along with other data points, to underwrite a loan for a customer. "CredRight plans to further invest in technology, grow its team, and continue its expansion plans to reach even more unserved and underserved customers," said Neeraj Bansal, co-founder an...

Grameen Koota Raises Rs 250 Crore from CreditAccess Asia

2Apr By AdityaNo Comments

FUNDING

Grameen Koota Raises Rs 250 Crore from CreditAccess Asia

Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs.250 Cr. from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs). The investment will support Grameen Koota in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its local operations, across the states of Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh. Grameen Koota has recently initiated a new business line for Enterprise Loans (individual loans) for its g...

Looking For a Loan For Your SME or Startup, Try Cash Suvidha

1Feb By NitishNo Comments

Story

Looking For a Loan For Your SME or Startup, Try Cash Suvidha

It would not be an exaggeration to state that the SME sector is one of the most critical contributors to the growth of the Indian economy. In spite of its large size, and the vital role it plays in the country’s economy, the Indian SME sector suffers on account of adequate financial access. Lack of awareness, poor access to banking services, outdated data models, etc, force small businesses to cope with an unhealthy financial environment. As a result, many small businesses either close shop or rely on very expensive and complicated financing, largely from the unorganized lending sector. INCEPTION AND TEAM Started in April 2016 in Delhi, Cash Suvidha has onboarded over 3,500+ borrowers and Ticket size of loan is Rs 10,000/- to upto 3 Lakh. This online lending platform, was sta...

Fintech Startup Lendingkart Expected to Disburse Rs 1,600 Cr Loan By 2017 End

19Dec By NitishNo Comments

News

Fintech Startup Lendingkart Expected to Disburse Rs 1,600 Cr Loan By 2017 End

Fintech startup Lendingkart Group expects an exponential rise in working capital loan demand from small businesses and estimates to disburse Rs 1,600 crore by 2017-end through its NBFC arm Lendingkart Finance, a company official said. The company, which caters to small businesses generating revenues of Rs 1-15 lakh per month, disburses loan through digital channel, Lendingkart Group Co-Founder and CEO Harshvardhan Lunia said. "As a platform that leverages the power of mobile and web technologies, we have no geographical constraints. We have disbursed loans of Rs 400 crore since inception in 2014. In next one year, we are looking at a growth of four times at Rs 1,600 crore," Lunia said. Simple processes and flexible offerings make it a lender of choice, hence a multi-fold growth ov...

Alok Mittal Led Indifi Raises $10m From Omidyar, Existing Investors

13Dec By NitishNo Comments

FUNDING

Alok Mittal Led Indifi Raises $10m From Omidyar, Existing Investors

Indifi Technologies, an enabler of micro, small, and medium enterprises (MSME) financing, has raised USD 10 million in a Series B investment round led by philanthropic investment firm Omidyar Network, established by the founder of eBay, Pierre Omidyar. Existing investors Accel Partners and Elevar Equity also participated in the round. Indifi Technologies, while maintaining its focus on MSME businesses, intends to direct the investments towards furthering its products and technology, it said in a statement today. "Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, e-commerce, retail, and hotel segments. The capital raised in this series will be targeted toward improving our offerings in these verticals," said Alok Mitt...

25Oct By PriyankaNo Comments

FUNDING

Bengaluru Based KredX Raises $6.25 Million Series A Funding

Invoice discounting marketplace, KredX has raised USD 6.25 million in Series-A round of funding led by Sequoia India. Company’s existing investor Prime Venture Partners also participated in this round and had earlier invested USD 750,000 in April of this year. The funding will be used by KredX to strengthen its technology, data and sales functions within the company. Bangalore-based KredX, Formerly known as Mandii is an online marketplace for SME lending that connects enterprises looking for financing and investors looking to earn higher short-term yields with lesser risk. Borrowers can upload payment pending invoices or post-date instruments of their customers, select from among the best bids available and receive funds. Investors can view invoices, PDIs from SMEs along with cred...

BankBazaar.com Launches e-KYC Platform For Loan Approvals

13Sep By AnkitaNo Comments

News

BankBazaar.com Launches e-KYC Platform For Loan Approvals

Financial marketplace BankBazaar.com today said it has launched a multi-brand paperless e-KYC platform for instant loan approvals. This eliminates the need for physical document submission for loan approvals through the companys online platform, BankBazaar.com said in a statement. This would be available for personal and car loans. "We, along with our partners, have been working towards this moment where we take the loan application process completely online and paperless," BankBazaar.com CEO Adhil Shetty said. This step promises to increase customer satisfaction and decrease operational costs for the banks, he added. This would also reduce the loan sanction time to as little as one business day, it said.