Insta EMI, a fintech company, is in expansion mode, seeking to build its network in metro cities of the country, while broadening its range of services.
The Hyderabad-based company, founded in 2012, has partnered with over 30 banks and 40-plus asset management companies to offer both loan facilitation and investments.
Hanu Yedluri, Chief Executive Officer of Insta EMI, said “Technology has brought in a new level of disruption in the financial services sector. Our technologically-sound platform gives us the capacity to take quick decisions and facilitate services, be it loans or investments.”
“We are on the verge of expansion in the major metros of New Delhi, Mumbai and Kolkata, apart from some of other select cities, helping people through the online platform and offline channels, including mobile vans. We expect to raise up to $10 million, to be injected in the business capital, to help grow our asset portfolio in metro cities,” he said.
“We are at an advanced stage of parleys to finalise the financial transaction with capital from a US-based financial services company, which is keen to be part of the Indian growth story. The deal is likely to be closed by March this year,” he said.
Specialising in credit underwriting and portfolio management, the company offers an online platform, providing financial services and after-sales support. The company completed total loan disbursement of Rs 60 crore as of December 2016, and expects to close this fiscal with Rs 100 crore.
A big chunk of this disbursement is covered by unsecured loans to the salaried class and the self-employed. Our strength is in offering hassle-free loans of up to Rs 50,000, and then we connect people with banks for higher amounts.