Fintech industry seems to have become the new darling of investors as this new age sector continues to attract big moolah from the investment community. The latest Fintech startup to receive blessing from investors is IndiaLends. The Delhi headquartered startup secured $10 million (nearly Rs 69 crore) in series B round. The round was spearheaded by London based ACPI Investment Managers and venture capital company Ganesh Ventures.
Amex ventures as well as several existing investors also participated in the round. The latest capital infusion has come about one and half years after American Express Ventures led an series A round to infuse about $4 Mn in the startup. The startup had also raised undisclosed amount in pre-Series A round in July 2015.
Commenting on latest fundraising round IndiaLend’s founder Gaurav Chopra said: “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.”
Incorporated in 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends is a loan aggregator platform & online marketplace that aims to offer loans with suitable interest rates to lenders in the consumer space. It also offers other useful services like credit rating and EMI calculation to facilitate speedy approval of loans.
IndiaLends competes with Paisabazaar and scores of other decently funded startups in the loan aggregator space.
The unfolding of Fintech revolution
Going by investor’s increasing appetite for the Fintech sector, there is little doubt that this millennial sector is going through revolution. A latest report by Credit Suisse cites global consumers and SME’s increasing demand for hassle-free loans as the fundamental reason for this on-going revolution. The report argues that banking sector’s inability to fulfill the credit needs of SMEs and consumers has virtually forced government to offer huge encouragement to the fintech sector.
According to a rough estimate, India’s fintech sector is all set to touch $2.4 Bn by 2020. With market increasing at robust pace, the sector has witnessed emerge of promising startups during last few years. Today Deal4Loans, LendingKart, Capital Float and Aye Finance are some of the top players in this space.