Credit scoring platform IndiaLends raises $10 million

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IndiaLends, an analytics and credit scoring platform recently raised $10 million in its Series B funding round which was led by ACP Partners. The Delhi-based company had previously raised $4 million in December 2016.

IndiaLends
IndiaLends is likely to use the amount to ramp up its technology.

The round also saw participation from existing investors like DSG Consumer Partners, American Express Ventures, and AdvantEdge Partners.

The company has so far raised a total of $15 million since Mayank Kachhwaha and Gaurav Chopra established it in the year 2015.

Year Amount raised Participants in funding round
2018 $10 million ACP Partners, Ganesh Ventures, DSG Consumer Partners, AdvantEdge Partners
2016 $4 million American Express Ventures, DSG Consumer Partners, Cyber Carrier VC, AdvantEdge Partners
2015 $1 million

 

IndiaLends will utilise this investment to ramp up its technology, in addition to strengthening its analytics base and helping it expand its consumer base across the country. It will also utilise the funds to hire new resources. It is likely that the company will also launch new products on account of the funding.

The company typically connects individuals looking for loans with lenders, offering products like unsecured loans and credit cards on its platform.

The Indian FinTech space has seen an increase in the number of players, with experts suggesting that this segment will be valued at $2.4 billion as of 2020.

Sources: Times of India, INC42, Business World

 

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