IndiaLends, a Delhi-based digital lending platform, has now announced that it has secured $5.1 million in a funding round backed by the existing investors DSG Consumer Partners and ACP Partners.
According to the official statement, the firm will now going to use the new funds 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.
IndiaLends is founded by Gaurav Chopra and Mayank Kachhwaha in the year 2015. It uses its transparent and highly advanced automated processing system to offer unsecured credit products to a customer base of more than 8 million via its 50-plus bank and NBFC partners across the country.
Speaking about the new development, Gaurav Chopra, Founder, and CEO, IndiaLends, said,
“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.”
“Although the pandemic had a severe impact on the sector, it has also led to the belief that digital lending is now the new normal. This investment is a testament to the fact that the sector is going to witness an upward curve in the days to come. We are very excited to have received this funding from our current investors ACP Partners and DSG Consumer Partners, who have shown their trust and confidence in the business all along.”