Aeries Financial Technologies Pvt. Ltd., a fintech company promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar, today announced that CASHe, one of India’s fastest growing app-only lending platform for young professionals has closed a series A funding from investor group led by Mr. Mathew Cyriac and advised by Florintree Advisors.
The funding will further increase CASHe’s scale of business and solidify its position as the leading app-only lending platform. The company also announced that it has appointed Dr. Pulak Ghosh and Mr. Mathew Cyriac to its Board of Directors.
CASHe up until now was entirely funded by V. Raman Kumar through his personal and group company resources. The total investment that he has made in CASHe is about 42 crores. Mathew Cyriac led Florintree Advisors and his group of investors have finalised an investment of 25 crores into CASHe.
Additionally the company has an in principle approval from Kotak Bank for a credit line to take care of its lending book. The company is targeting to achieve 75 crores of monthly loan disbursals within the next 12 months.
Mr. V. Raman Kumar, Chairman, Aeries Financial Technologies Pvt. Ltd., commented, “We are very excited to have finalized the Series A funding from investor group led by Mr. Mathew Cyriac and advised by Florintree Advisors. We thank our new investors for their confidence in CASHe. We have big plans for the business and are proud to have a team on board that shares and believes in this vision. I also welcome Dr. Pulak Ghosh and Mr. Mathew Cyriac to the Board of Directors.”
He further commented, “An influential scientist and thinker, Dr. Ghosh brings to CASHe his enormous domain knowledge, experience and expertise in big data analytics to CASHe. His inclusion further reinforces the preeminent position that CASHe has established for itself in the AI, Data Analytics and Machine Language backed new age financial technology space in India.”
“Mr. Cyriac joins CASHe as an investor / director. Drawing on his years of experience as an established private equity player, he will provide fresh insights to company’s business priorities as it continues to grow at an accelerated pace. The company looks forward to benefit from their extensive and diverse expertise to accelerate its strategic and organic growth initiatives,” he added.
Image Source: Facebook