Bangalore: IndiaLends, a New Delhi based financial technology startup, raises an undisclosed amount of funding in its Pre-Series A round led by DSG Consumer Partners and private equity investor, Siddharth Parekh. The company will utilize the funds to expand its areas of operation across ten major cities in India and also to improve its technological offerings.
Established in 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends links the consumers and SME’s looking for loans with low interest rates to investors looking for good returns. Using a combination of analytics and judgmental insights, it pinpoints the potential borrowers, making sure that only the best loan listings are made available. The company also helps in automated workflows and risk assessments, therefore making the loan payout process much more effective.
IndiaLends offers a wide variety of loans like personal loans, unsecured loans, installment loans and others where no guarantor is required. These loan requests are fulfilled in three simple steps – register, verification and receive funds. Available on web and mobile platforms, the company claims to have underwritten over 1,500-2000 applications and given out Rs.2 crore in loans till date.