The investment round was led by a clutch of global investors including Altara Ventures and Uncorrelated Ventures. Others such as Integrated Capital, Kravis Investment Partners, Saison Capital, and Tencent Cloud Europe BV, as well as existing investors Alto Partners, Snow Leopard Ventures, and Positive Moves, also participated in the funding round.
The company did not disclose the valuation at which it raised the funds. The fintech startup, founded in 2016, plans to use the funds to grow its lending portfolio in India, as well as provide neobanking solutions to businesses across South Asia. The round takes the company’s total funding to around USD 55 million since inception in a mix of equity and debt.
The company, which has an NBFC licence in India, offers credit lines through a Visa card to middle-class Indians, offering loans with ticket size starting at Rs 10,000. The company has around 1 million customers with a loan book of around Rs 500 crore.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now