IndiaLends, a digital credit scoring and analytics platform, has reportedly raised $5.1m in a fresh investment round.
The capital injection was led by existing backers ACP Partners and DSG Consumer Partners, according to a report from The Entrepreneur.
Funds will be used to expand its platform, increase its market footprint and bolster its product offering to meet the rising demand for its services.
The company is an online lending marketplace platform, which offers consumers in India with access to personal loans, credit cards and a credit report.
IndiaLends founder and CEO Gaurav Chopra told The Entrepreneur, “This fresh round of financing comes at a critical point in our business, enabling us to build our services and offer innovative products to our customers, as we usher into the next phase of growth.
“The use of new-age technologies and the government’s pro-active efforts to push digitization is helping this high-potential space to grow and drive greater financial inclusion across the country. Although the pandemic had a severe impact on the sector, it has also led to the belief that digital lending is now the new normal.”
The FinTech previously raised $10m in its Series B round in 2018, with capital coming from ACP Partners, American Express Ventures, Ganesh Ventures, DSG Consumer Partners and AdvantEdge Partners.
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