Delhi-based consumer lending startup IndiaLends has raised₹69 crores in a series B round of funding led by London-headquartered asset management firm ACPI Investment Managers and India-focused venture capital firm Ganesh Ventures.
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.
Before this round of investment, the three-year-old venture raised $4 million primarily from American Express Ventures, the corporate venture investment arm of American Express Co. The company has raised an estimated $15 million in disclosed funding since inception.
“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 point-of-sale loans to meet the needs of our customers,” said Gaurav Chopra, co-founder of IndiaLends in a statement.
IndiaLends is a credit scoring and analytics platform focused on disrupting the fragmented consumer lending market in the country. The company operates an online marketplace that allows consumers to shop for loan products, as well as access credit scores and financial education.
With the fresh capital, the company plans to launch new products for its customers, develop technology for its platform and boost hiring abroad. With more than 10 lakh customers, IndiaLends has partnered with over 40 top Banks and NBFCs which includes HDFC Bank, ICICI Bank, IDFC Bank, SBI, Capital First, TATA Capital among many others.
The other Indian startups operating in the online lending space include Capital Float, LenDenClub, Aye Finance, Deal4Loans, and LoanZen among others.