Bangalore-based non-banking finance company, Nitstone Finserv plans to raise fresh funding of ₹150 crore from new investors.

Nitstone Finserv is in discussions with investment bankers and VCs to raise funds to finance the next phase of their growth. The NBFC which was launched in 2018 and has AI-powered credit decision-making tools that are used by industry. The customer acquisition strategy is digital and physical, through a network of partners and sales force, and the business model is uniquely characterised by a data-powered segmentation strategy, efficient and effective operating workflows and a robust governance mechanism, a press statement from the company said.

Nitstone’s Executive Vice-President, Govindan Eaden said, “We are confident of securing equity and debt funding in the near term to launch the next phase of growth including recruitment of data scientists, a mobile sales force and best of breed lending technology.”