Fintech startup IndiaLends has raised $10 million in its Series B round of funding led by London-based ACPI Investment Managers and India-focused Ganesh Ventures.
The funding round also saw participation from existing investors such as American Express Ventures, DSG Consumer Partners, and AdvantEdge Partners.
The trio had participated in $4 million Series B round in the Delhi-based digital lending startup in December 2016. Till date, the startup has raised an estimated $16 million in funding.
IndiaLends will use the fresh funds to launch new products such as an app-based line of credit and point-of-sale loans to meet the needs of our customers. Besides, the fund will be deployed towards ramping up its technology.
Founded in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends is a credit-scoring and analytics platform that caters to both, consumers and financial institutions.
On the B2C side, IndiaLends allows consumers to connect with financial institutions, including banks such as IDFC, HDFC, and ICICI, as well, as NBFCs such as Bajaj Finserv, Capital First, and IIFL to avail loans.
IndiaLends has partnered with over 50 banks and NBFCs including the aforementioned institution. It claims to have disbursed loans worth an estimated Rs 500 crore and over 2 lakh credit cards.
In financial marketplace space, the company competes with BankBazaar, which had raised $30 million in October 2017 from UK-based Experian. Oher startups in the segment include Kalaari-backed Rubique Technologies, Lendingkart, among several others.
The development was reported by ET.