Credit score and analytics firm IndiaLends today said it has raised USD 10 million in funding led by London-based ACP Partners.
Credit score and analytics firm IndiaLends today said it has raised USD 10 million in funding led by London-based ACP Partners. The firm will use the funds to enhance its technology platform and marketing footprint across India and to hire more talent.
The series B funding round also saw participation from existing investors American Express Ventures, DSG Consumer Partners and Advantage Partners along with the India-focussed Chinese fund, Ganesh Ventures, the company said.
Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends operates an online marketplace that allows consumers to access unsecured credit products offered by various financial institutions based on the consumers’ credit profile. The firm claims to have disbursed over Rs 500 crore in personal loans since its launch and helped nearly 2,00,000 consumers in securing approvals for credit cards.
“We have witnessed strong growth in the last financial year with our operational revenues growing 900 per cent to cross Rs 15 crore. “We have partnered close to 50 banks and Non-Banking Financial Companies (NBFCs) and offer personal loans in multiple consumer segments with loan ticket sizes ranging from Rs 15,000 to Rs 50,00,000 and loan repayment tenures from 3 months to 6 years,” Chopra said. Prior to this round, IndiaLends raised USD 4 million in December 2016.