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Digital lending platform IndiaLends has raised $5.1 million in a funding round led by existing investors ACP Partners and DSG Consumer Partners.
“The Delhi-NCR-based firm will use the funds to expand its technology platform, increase its market footprint and amplify its product offerings to meet the pent-up demand in a post-Covid economic recovery,” it said in a statement on Friday.
The company plans to double disbursements to ₹4,000 crore in the next 18 to 24 months with a focused outreach towards retail consumers living across tier I-II cities and tier III towns.
It has disbursed over ₹2,000 crore in personal loans since launch and has more than 80 lakh customers.
“IndiaLends also intends to extend its outreach to the underserved customers, people who are worthy of getting access to credit but are unfortunately left out owing to the lack of reliable credit history,” it further said.
Gaurav Chopra, founder and CEO of IndiaLends, said the fresh round of financing will help the company usher in the next phase of growth. “This investment is a testament to the fact that the sector is going to witness an upward curve in the days to come,” he said.
Apart from traditional banks and NBFCs, IndiaLends also offers pre-qualified loans from all major fintech and P2P lenders to its customers.
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