15 December 2017, India:
Delhi based online lending startup Cash Suvidha has raised an institutional debt of $2.7 million from various financial institutions.
The capital will be primarily used to facilitate further lending to Small and Medium Enterprises (SMEs) and personal loans, particularly in Delhi NCR, Bengaluru, Pune, Hyderabad and Mumbai. The fund has been raised from sex Financial Institutions.
The startup has partnered with HomeCapital recently to extend unsecured credit at zero percent interest to first time home buyers.
Founder of Cash Suvidha, Rajesh Gupta said, “This working capital infusion will provide propulsion for further accelerating the company’s exciting growth plans. The funds so raised will be used to replenish our loan book and widen our reach across the country. We are confident that our relationship with these institutions will help us in empowering more SMEs by addressing their working capital requirements.”
The startup claims to receive around 15,000 loan applicatiojns per month and has disbursed a total amount of ₹102 crore since its inception.
Cash Suvidha was founded by Rajesh Gupta and Anoop Garg in 2016. It offers information based lending, online application acceptance, and viability based financing. It disburses loans in 48 hours. It charges 19-28 percent on reducing balance EMI.
The decisions are taken based on its logarithms of human behaviour, the social quotient of the borrower and so on. A ‘Suvidha Social Score’ metric has been developed by Cash Suvidha to assess creditworthiness using social media portals, educational and professional background, lifestyle spends, payments behaviour, and spending patterns.
(Image – Cash Suvidha)
