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Online PSB Loans (OPL) has raised ₹50 crore from HDFC Holdings and TransUnion (TRU).
The investment will see both HDFC Holdings (a wholly-owned subsidiary of HDFC) and TransUnion (a global information and insights company) take strategic minority holdings in OPL, according to a company statement.
The statement, however, did not specify how much stake HDFC Holdings and TransUnion will take in Online PSB Loans.
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Online PSB Loans is an online lending platform that enables borrowers (primarily MSMEs and individuals) to apply for a loan ranging from ₹10,000 up to ₹5 crore, and receive in-principle approval in 59 minutes or less from banks and credit institutions.
The fund raised will be utilised in helping facilitate MSME and retail financing, per the statement.
“Through the partnership, all three companies will combine their unique strengths and capabilities across data, technology and analytics to explore the development of new products and solutions…,” Online PSB Loans said.
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