DataSigns Technologies, which is a Bangalore based company that operates the lending platform by the name as Shubh Loans, has now secured $4.8 million in the funding round of Series A led by the Mumbai based Omidyar Network India.
Some of the existing investors, Beenext, Pravega Ventures, Saama Capital, and SRI Capital, also participated in the funding round, said the announcement.
Shubh Loans revealed that it will now be going to use the funds for the expansion of its customer sourcing platform, improving its technology credit scoring and data science operations. The company also has plans to add more features, grow its sales team, and expand distribution to around 40 cities by the end of this year.
“Shubh Loans’ partnership with Omidyar Network India speaks of the shared focus that both organizations have towards emerging technology and inclusiveness. The infusion of funding will expand our footprint in India and improve customer experience by augmenting data science capabilities,” said Monish Anand, chief executive officer of Shubh Loans.
Shubh Loans claims to offer personal loans to lower-income individuals and underserved segments. The platform has a credit scoring model to assess borrowers’ creditworthiness. It provides loans of around INR 5 lacs for around four years of tenure.
