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Happy, a digital non-banking lending start-up, on Wednesday said it has raised ₹140 crore by way of fresh capital to grow small businesses in India.
Its AI-powered lend-tech model will provide flexible digital loans to micro and small businesses in more than 500 locations across India, the start-up said in a statement.
In its first two years of operations, Happy has disbursed ₹140 crore through 32,000 loans to more than 80 different kinds of businesses.
With access to 25 lakh micro enterprises across 20 business partners, Happy is now ready to make an orbital shift with digital lending in India, it said.
The fresh funding includes a mix of equity from Indian and US investors, and financing lines from institutions, including DMI, a leading India-based non-banking finance company. With its new funding, Happy will grow its loan portfolio multiple-fold, and disburse over 10 lakh loans over the next fiscal.
Micro-enterprises account for 37.5 per cent of India’s economy, employing 20 per cent of India’s workforce. Small, flexible loans help create greater business opportunities, stabilise cash flows, and enhance livelihoods for small business owners and their employees.
Besides growing the lending operation, Happy will also expand its technology platform, which enables instant API-driven lending with over 20 partners.
The platform is designed for a seamless customer experience and instant availability of credit through standardised technical integrations with partners and ML-based credit decisions.
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