Fin-tech startup IndiaLends has raised $4 million in Series A funding from American Express Ventures, existing investors DSG Consumer Partners, Chinese investment firm Cyber Carrier VC and AdvantEdge Partners.
The latest round of funding will be utilized by the company to expand its credit underwriting and analytics capabilities, offer more consumer-focussed products and increase its market footprint across India.
Gaurav Chopra, Co-Founder of IndiaLends said, “We have witnessed strong traction in the past year with our loan volumes growing 100% quarter-on-quarter. We have partnered with over 30 banks and Non-Banking Financial Companies (NBFCs) and now offer bespoke lending products in segments that have been historically underserved. The superior quality and quantity of data are helping financial institutions underwrite more and more of our customers. This new round of funding not only gives us the capital to scale exponentially but also provides us access to resources and learnings from developed fin-tech markets such as the U.S. and China.”
Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends is a credit scoring and analytics platform focussed on disrupting the fragmented consumer lending market in the country. The company operates an online marketplace that allows consumers to shop for loan products, as well as access credit scores and financial education. It currently attracts over 140,000 visitors every month and helps them to more quickly get access to cheaper credit.
DSG Consumer Partners is a venture capital fund focused on identifying, selecting and investing exclusively in early stage consumer businesses in India and South East Asia.