Digital lending platform Abhi Loans raised $4.5 million in a mix of debt and equity round led by DMI Sparkle Fund where other prominent angel investors such as Niten Malhan, Ashvin Chadha, S K Jain, among others also participated.
The unique selling point of Abhi Loans is the quick approval and disbursement of loans secured by securities pledged as collateral. It is also entering the market with loans secured by stock and mutual funds. The new funds will be used for technology development and loan book expansion, according to the company. With its product Abhi Loans, KNAB Finance is creating a digitally distributed and secure loan ecosystem. Lending technology is expected to account for 47% ($616 Bn) of India's overall fintech market opportunity by 2025, growing at a CAGR of 31% between 2021 and 2025.