IndiaLends raises US$10 Million Series B Funding

IndiaLends has raised US$10 million in a Series B funding round led by London-based ACP Partners with participation from existing investors American Express Ventures, DSG Consumer Partners and AdvantEdge Partners along with the India-focused Chinese fund, Ganesh Ventures. The latest round of funding will be used by the company to expand its technology platform, enhance its credit underwriting and analytics capabilities, to increase its market footprint to offer products pan India and to hire talent across domains.

Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, both of whom worked at Capital One previously,IndiaLends operates an online marketplace that allows consumers to access the most relevant unsecured credit products offered by various financial institutions based on the consumers’ credit profile. IndiaLends has disbursed over Rs.500 crore in personal loans since its launch and has helped nearly 200,000 consumers in securing approvals for credit cards. In addition, IndiaLends also provides credit scoring and end-to-end loan origination services to financial institutions, especially the ones looking to start retail lending operations.

Gaurav Chopra says, “We have witnessed strong growth in the last financial year with our operational revenues growing by 900% to cross Rs.15 crore. We have partnered with close- to 50 banks and Non-Banking Financial Companies (NBFCs) and offer personal loans in multiple consumer segments with loan ticket sizes ranging from Rs.15,000 to Rs.50,00,000 and loan repayment tenures from 3 months to 6 years. Our focus remains on unsecured consumer credit and 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.”

“Having analyzed the product preferences and performance history of a significant number of customers, we have been able to build a robust recommendation and credit risk system which has had the benefit of improved approval rates and customized product selection for our customers,” explains Mayank.

Prior to this round, IndiaLends raised US$4 million in December 2016 from American Express Ventures, DSG Consumer Partners, Cyber Carrier VC and AdvantEgde Partners.