IndiaLends raises $10 million in Series-B round of funding
NEW DELHI: Delhi-based fin-tech company IndiaLends has raised $10 million (about Rs 69 crore) in Series-B round of funding, which has been led by London-headquartered asset management firm ACPI Investment Managers and India-focused venture capital firm Ganesh Ventures.
The latest round of funding comes about 18 months after the three-year-old venture raised $4 million and which was led by American Express Ventures, the corporate venture investment arm of American Express Co.
Amex ventures, along with the other existing investors in the company, which includes Deepak Shahdadpuri-led consumer-focused venture capital firm DSG Consumer Partners and AdvantEdge Partners, have also participated in the round, which closed last week.
Till date, the company has raised an estimated $16 million in funding since inception.
IndiaLends, which competes with the likes of online financial marketplace PaisaBazaar as well as banks, will use the proceeds to launch new products.
“RBI data on sectoral deployment of bank credit in FY18 reflects the tremendous growth potential of personal loans. We will shortly be launching new products such as an app-based line of credit and pointof-sale loans to meet the needs of our customers”, said Gaurav Chopra, founder, IndiaLends.
The latest round of funding comes about 18 months after the three-year-old venture raised $4 million and which was led by American Express Ventures, the corporate venture investment arm of American Express Co.
Amex ventures, along with the other existing investors in the company, which includes Deepak Shahdadpuri-led consumer-focused venture capital firm DSG Consumer Partners and AdvantEdge Partners, have also participated in the round, which closed last week.
Till date, the company has raised an estimated $16 million in funding since inception.
IndiaLends, which competes with the likes of online financial marketplace PaisaBazaar as well as banks, will use the proceeds to launch new products.
“RBI data on sectoral deployment of bank credit in FY18 reflects the tremendous growth potential of personal loans. We will shortly be launching new products such as an app-based line of credit and pointof-sale loans to meet the needs of our customers”, said Gaurav Chopra, founder, IndiaLends.