IndiaLends will use the funds to enhance its technology platform; increase its marketing footprint across India and hire more talent.
Delhi – Delhi based IndiaLends, a credit scoring and analytics platform, has raised US$10 million in a Series B funding round led by London-based ACP Partners with participation from existing investors American Express Ventures, DSG Consumer Partners and AdvantEdge Partners along with the India-focused Chinese fund, Ganesh Ventures. The latest round of funding will be used by the Company to expand its technology platform, enhance its credit underwriting and analytics capabilities, increase its market footprint to offer products pan-India and to hire talent across domains.
Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, both of whom worked at Capital One previously, IndiaLends operates an online marketplace that allows consumers to access the most relevant unsecured credit products offered by various financial institutions based on the consumers’ credit profile. IndiaLends has disbursed over INR 500 crores in personal loans since its launch and has helped nearly 200,000 consumers in securing approvals for credit cards. In addition, IndiaLends also provides credit scoring and end-to-end loan origination services to financial institutions, especially the ones looking to start retail lending operations.
“We have witnessed strong growth in the last financial year with our operational revenues growing by 900% to cross INR 15 crores. We have partnered with close to 50 banks and Non-Banking Financial Companies (NBFCs) and offer personal loans in multiple consumer segments with loan ticket sizes ranging from INR 15,000 to INR 50,00,000 and loan repayment tenures from 3 months to 6 years”, said Chopra. “Our focus remains on unsecured consumer credit and we will shortly be launching new products such as an app-based line of credit and point-of-sale loans to meet the needs of our customers”, he added.
“Having analysed the product preferences and performance history of a significant number of customers, we have been able to build a robust recommendation and credit risk system which has had the benefit of improved approval rates and customized product selection for our customers”, explained Mayank.
“Price comparison platforms have enjoyed success as a consumer driven product offering with a number of strong players in the US, Europe and Southeast Asia. India is set to enter a phase of rapid retail credit expansion; IndiaLends is perfectly positioned to capitalise on this growth and we are very excited to begin our partnership. Our involvement in a number of businesses across India, including NBFCs, gives us comfort in the space and the value of IndiaLends’ unique product offering”, said Alok Oberoi, Founder of ACP Partners.
Prior to this round, IndiaLends raised US$4 million in December 2016 from American Express Ventures, DSG Consumer Partners, Cyber Carrier VC and AdvantEgde Partners.
“We are excited to have ACP, who have a strong track record of investing in and working with financial services companies, to join us as investors. Since DSGCP first invested in 2015, we have witnessed strong market traction as IndiaLends continues to use data, credit analytics and technology, to build a robust platform that offers banks and NBFCs the ability to develop and market products to a broader set of consumers. Over the last three years IndiaLends has built the foundations of what we believe can become one of India’s leading financial technology companies.” said Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.