Digital lending platform IndiaLends has raised $5.1 mn in a financing round led by existing investors ACP Partners and DSG Consumer Partners. The fresh funds induced will be used to expand its technology platform, increase its market footprint and amplify its product offerings to meet the pent-up demand in a post-COVID economic recovery, the company said.
IndiaLends uses its transparent and highly advanced automated processing system to offer unsecured credit products to a customer-base of over 8 mn through its 50-plus bank and NBFC partners across the country. Aims to emerge as the leading financial marketplace in India, and double disbursements in the next 18-24 months, with a focused outreach towards retail consumers living across Tier I and II cities, and Tier III towns.
“This fresh round of financing comes at a critical point in our business, enabling us to build our services and offer innovative products to our customers, as we usher into the next phase of growth. The use of new-age technologies and the government’s pro-active efforts to push digitisation is helping this high-potential space to grow and drive greater financial inclusion across the country," said, Gaurav Chopra, Founder and CEO, IndiaLends.