Datasigns, a Bengaluru-based fin-tech firm has raised $1.5 Mn in Pre Series A funding from SRI Capita, BeeNext and Pravega Ventures, media reported. The startup Datasigns Technologies Pvt. Ltd. runs fintech platform Shubh Loans which helps borrowers generate proprietary individual credit score using traditional and secondary data points.
The startup has partnered with multiple banks and NBFCs enabling them to build their loan books at a fast pace. The firm is set to utilize the million dollar fund to expand to new markets as well as enhance the technology. The company also plans to target 1 Mn customers in formal credit.
In November 2016, Shubh Loans secured an undisclosed amount of angel investment from Sanjai Vohra and V. Bunty Bohra. Sanjai Vohra previously served as the Managing Director of JP Morgan and V. Bunty Bohra is the Managing Director and Indian CEO of Goldman Sachs.
Talking about the investments and Shubh Loans, Sashi Reddi, founder of SRI Capital said, “Many massive companies are going to be built in this space, finally being able to lend to the next 200 Mn consumers – Shubh Loans will be one of them.”
The firm was founded by Anand Barua, Monish Anand, Mudit Tyagi, Rahul Sekar and Tushar Patel back in 2016. It serves as a risk platform that forges traditional & non-traditional data to facilitate financial services to those outside the formal system to help financial organisations access new and underserved market.
Shubh Loans helps borrowers generate proprietary individual credit score using traditional and secondary data points. The Datasigns lending partners use this credit score for lending. Datasigns claims that since its launch, over 60K customers have built their credit score using Shubh Loans.
Rahul Sekhar, co-founder & Chief Data Scientist said, “The lending business in the country is at an inflexion point, our focus is on creative and responsible use of data to bring financial literacy and credit to people who deserve it the most.”
The firm has an active working team of about 56 employees and generates most of its revenue from portfolio management fee paid by the partners. It also grabs revenue by providing licencing services. With around 60,000 active applicants the firm claims to witness a month-on-month growth of about 50 percent.
The Indian fintech market is set to touch $2.4 Bn by 2020 which is double the current market size of $1.2 Bn. Investors love fintech startups and a huge amount of money has been poured into these financial firms in 2017.