Founded by Rajesh Gupta, Anoop Garg and Geeta Goswami, the company extends business loans to SMEs, MSMEs, women entrepreneurs and personal loans to individuals
Delhi-based fintech startup, Cash Suvidha, has raised $1 million in its pre-series A round of investment from Initia Holdings Ltd., Vipin Agarwal, Partner in India Industrial Growth Fund and others. The company plans to use the newly secured funds to increase customer base and to further strengthen its technological infrastructure.
Founded by Rajesh Gupta, Anoop Garg and Geeta Goswami, the company extends business loans to SMEs, MSMEs, women entrepreneurs and personal loans to individuals. The company is currently operating in Delhi NCR region, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.
Commenting on the raised capital, Rajesh Gupta, Founder of Cash Suvidha, said, “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.” He further added that 80 percent of the loans are targeted towards the SME sector.
The company claims to receive 15,000 loan applications every month and disbursement of loans in another 2 working days. The company has raised a total of $5.2 million and claims to have disbursed over Rs 152 crore.
Further, Cash Suvidha has disbursed loans to over 35,000 borrowers with an average ticket size between Rs 20,000 – Rs 5,00,000.
According to a recent report, the P2P lending space in India is pegged to hit the mark of $5 billion in another 5 years. This market goes back to 2012, when the first startup was launched. Currently there are over 30 players in the market including i2iFunding, RUpaiya Exchange, LendBox, among others. Currently, some of the leading P2P platforms claim to disburse loans amounting to ~Rs.1 to 2 crore a month.