Fintech sector in India has shown some output figures. Recently, one of the fin-tech startups, DigiLend Analytics & Technology Pvt. Ltd.,based in Mumbai has managed to sack the funding of Rs 2 Crore from two NBFC.
Two Mumbai-based Temasek operated Fullerton and InCred Finance are the prime investors in this round. Bhupinder Singh, Founder of InCred said, “His company has so far invested in few start-ups and has acquired 10–15% stake as part of the deal.” The firm last year also took over Instapaisa, a peer-to-peer lending platform post investing. Digilend stated that the funding will be utilized for deploying personal loan segment. At the present stage, Digilend facilitates individuals to take personal loans for various purchases such as debt consolidation, education, wedding, travel, home development, and emergency needs. The startup provides personal loan up to Rs 50 Lakh with a yearly rate of interest of 12–30% for the tenure of 6–36 Months. Digilend was established in2016 by Hemang Dattani but started its operations in April this year. The founder previously worked at Capital One and Standard Chartered Bank. The company function is based on the ‘lending-as-a-service’ (LAAS) model and aims to provide end-to-end solutions along with customer on boarding, loan management, credit evaluation, risk analytics, customer acquisition, and collections. It has collaborated with some of the NBFCs and banks in India as well. The fin-tech sector in the country has acquired a huge grip with multiple players in lending, personal finance, and payments, and insurance. It has also witnessed heavy investment rounds. As per the report, about 25 fin-tech startups received funding in 2017. Some of the recently led funding round in the finance lending segment comprise Billionloans Financial Services that raised $1 Million (Rs 7 Crore) as a seed funding round led by Reliance Corporate Advisory Services Ltd., which is fully owned subsidiary of Reliance Capital Ltd. Stashfin, which is one of the dominating lending platforms based in Delhi, also raised a Pre-Series A funding of $50 Million (Rs 32.2 Crore) from Snow Leopard Ventures, the capital arm of Kirloskar Group, GrowX Ventures, Singapore-based Alto Partners, and some angel investors. Moreover, Lendingkart, Ahmadabad-based online lending marketplace for SMEs, also received a funding of $7.8 Million (Rs 50 Crore) in the form of debt from Yes Bank. Some of the other startups that made their entry in the financial lending sector comprise Loan Frame, MoneyTap, Ftcash, LoanTap, and Fincash.
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