V. Raman Kumar, chairman of Aeries Financial Technologies Pvt. Ltd which runs CASHe, an app-only lending company has raised Rs 20 crores in debt funding from IFMR Capital in its NBFC company, Bhanix Finance, and Investment.
The Mumbai-based fintech company had raised Rs 25 crore ($3.8 million) in series-A funding in April this year from former Blackstone PE head Mathew Cyriac and other investors. It was the first round of external funding raised by the firm, with Kumar himself has invested Rs 42 crore while setting it up through other group companies.
Founded in April 2016, CASHe provides hassle-free loans with its app-enabled documentation and loan disbursal/repayment process. Powered by its industry-first algorithm driven credit scoring platform, SLQ (The Social Loan Quotient ), CASHe quickly determines a user’s creditworthiness by using multiple unique data points to arrive at a distinct credit profile of the customer.
CASHe’s target audience is young working professionals in the age group of 23-35 years. It offers loans ranging from Rs. 5,000 to Rs. 1,00,000 payable over 15,30 and 90 days.
The company claims to have disbursed loans worth Rs 23 crore in September, taking the total loan disbursal to Rs 200 crore since its launch in April 2016, and it is aiming to achieve an overall loan disbursal of Rs 450 crore by March 2018.
“CASHe is aggressively expanding its reach to meet the growing needs of millions of salaried millennials across the country. As we look to expand our already significant national footprint, we’ve found a great partner in IMFR Capital to support our growth strategy. This round of debt funding by IFMR Capital increases our capital pool which translates into higher loan disbursements, and more satisfied customers on a pan-India basis,” said Kumar.
Formerly known as Highland Leasing and Finance Private Limited, IFMR Capital was incorporated in 1989 and operates as an NBFC (non-banking financial company) in India. The Chenna-based company offers structured finance products, such as term loans and cash credits, securitization, bilateral assignment, etc. IFMR Capital Finance Private Limited is a subsidiary of IFMR Holdings Private Limited.
The financial firm had earlier took part in funding round of fintech start-ups such as, EarlySalary, an app that offers cash advances and short-term loans to young professionals, which raised Rs 5 crore, LoanTap, which raised $4 million, and Gurugram-based Aye Finance, which gets Rs 10 crore by selling a part of its SME loan portfolio under a securitisation deal to Mahindra & Mahindra Financial Services.
CASHe: Website
