FinTech startup IndiaLends raises $4 Mn in Series A

Dec 1, 2016 Ambili American Express, DSG Consumers, fintech, funding, IndiaLends

New Delhi-based financial technology startup IndiaLends has raised $4 Mn Series A funding from American Express Ventures, existing investors DSG Consumer Partners, Chinese investment firm Cyber Carrier VC, and AdvantEdge Partners. The new funds will be used to expand its credit underwriting and analytics capabilities, offer more consumer-focussed products and increase its market footprint across India.

Founded in 2014 by former Capital One executives Gaurav Chopra and Mayank Kachhwaha, Indialends is an online marketplace that connects consumers and small businesses (SME’s) looking for low rate loans with investors looking for good returns. The team has over 15 years of combined experience in unsecured credit. The startup uses a combination of analytics and judgmental oversights to screen potential borrowers, ensuring that only the best loan listings are made live.

For Lenders, IndiaLends also provides value-add services such as big-data analytics, credit risk assessment and verification and automated work-flows for loan origination and management.

Commenting on the development, co-founder Gaurav Chopra said, “We have witnessed strong traction in the past year with our loan volumes growing 100% quarter-on-quarter. We have partnered with over 30 banks and Non-Banking Financial Companies (NBFCs) and now offer bespoke lending products in segments that have been historically underserved. The superior quality and quantity of data is helping financial institutions underwrite more and more of our customers.”

Earlier, in July the firm raised an undisclosed amount from DSG Consumer Partners and private equity investor Siddharth Parekh.

“We continue to support IndiaLends in its endeavour to provide financial institutions with technology and risk-assessment capabilities that will help them lend to consumers at scale. The company’s track record and strong financial and business fundamentals, along with its team’s ability to create products that have high product-market fit has increased our faith in their vision and execution capabilities.” said Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.